Bitcoin Mining ICO Giga Watt is Being Sued for Securities Fraud
Another month, another ICO lawsuit. This time it’s Giga Watt in the firing line, a startup whose aim is to launch a cryptocurrency mining facility. The company describes itself as “the world’s first full-service mining solution provider” and promises “turnkey mining services”. A group of investors are not impressed though, and have filed a lawsuit over project delays that they claim are costing them serious money.
Watt’s the Matter?
The plaintiffs claim to have contributed around $20 million in cryptocurrency to the Giga Watt ICO last summer. That cryptocurrency is now worth five times as much, but investors have nothing to show for it: no crypto, no Giga Watt tokens, and none of the mining equipment that was meant to be supplied.
In a court filing, the plaintiffs state their “fear that they might never be issued their tokens or see their mining machines activated, and are losing valuable time and money as defendants indefinitely delay the further development of the Giga Watt Project”.
source:
https://news.bitcoin.com/bitcoin-mining-ico-giga-watt-sued-securities-fraud/
