Bitcoin Mining ICO Giga Watt is Being Sued for Securities Fraud

[mayurobin]

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”.

First Tezos, Now Giga Watt
Bitcoin Mining ICO Giga Watt is Being Sued for Securities FraudThere are clear parallels to the Tezos lawsuit – or rather lawsuits, for the Breitmans are facing several. For one thing, both ICOs went to great pains to stress that their tokens were not securities. The ongoing lawsuits surrounding a number of ICOs will test the waters regarding what constitutes a security. Labeling a token as a utility token doesn’t necessarily make it one.

“Just because utility tokens might one day have a consumptive use does not remove them from being a ‘security’ prior to that use,” claims David Silver, one of the law partners who filed the Giga Watt complaint on behalf of the plaintiffs.

As with the Tezos case, Giga Watt investors are aggrieved at the length of time they’ve been forced to wait for their tokens. Even if both ICOs’ tokens were to materialize now, it is unlikely that investors would be able to realize the sort of gains they could have enjoyed simply by retaining their crypto.

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[Spoetnik]

How many times have i told you all that every ICO ever made is scammy BY DESIGN ?
It's how THEY WORK investards.
I hope ever asshole piece of shit prick loser who made one gets thrown in jail.
Go fuck yourselves pricks.  

Any fucking shitcoin faggot that uttered the words startup needs a swift kick in the teeth.

[eternalgloom]

Are there any precedents for this kind of case? I would definitely like to know if this has happened before and what the court ruled in those cases.
It does seem like Giga Watt is completely in the wrong here, I mean they haven't even issued tokens after a whole year?

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.

On the other hand, these people should have known what they were getting into. It's kinda useless to complain now just because 'cryptocurrencies' have increased in value, sounds pretty pathetic tbh. 

[Spoetnik]

Are there any precedents for this kind of case? I would definitely like to know if this has happened before and what the court ruled in those cases.
It does seem like Giga Watt is completely in the wrong here, I mean they haven't even issued tokens after a whole year?

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.

On the other hand, these people should have known what they were getting into. It's kinda useless to complain now just because 'cryptocurrencies' have increased in value, sounds pretty pathetic tbh.  

Plenty have had legal troubles and many are in the process right now.
Go have a chat with Ripple inc. about FiNCEN  
Or search the Altcoin section for similar pending legal cases with ICO's.

And recall me talking about the SEC investor fraud alert about "crypto currencies" that mentioned this very scam ridden forum ?
You should i post about it lots since it was released and screen capped it and posted the link to the PDF.

You know you all go deaf and blind and dumb when bad news comes out.
Like Egypt banning Bitcoin for example.
Or.. you bend over backwards with verbal gymnastics and creative shill work to make it seem like good news.

By the way..
Microsoft dropped accepting Bitcoin for the same reasons Valve did with Steam.
Great news right ?

Plenty more to come greedy investards and I'm gonna love it

[Ricche]

Thanks for your great discussion here. Honestly, I didn't know about this. I'm interested in another ICO project SciDex. Can you please explain me a little about this?

[koreano111]

All ICOs created are a design breach ) Lol

[machineskill]

Any damn shitcoin shitcoin that uttered the word of welcome needed a quick kick in the teeth. And remembering me talking about the fraud warning SEC investor about "electronic money" mentioned this very fraudulent forum? By the way .. Microsoft has refused to accept Bitcoin for the same reason Valve has made with Steam.

[dutchkay]

Most ICO are scams and are days goes by more scammers are entering the game pursuing ICO. This is n easiest to raise free money and in millions and you will just vanish without trace. ICO is what is killing cryptocurrency markets currently. Funny enough even established companies are now doing ICO and it get me wondering what for. Kodac announced for an ICO too and even telegram. ICO makes a company lazy, they get more than required and runs away with people's fund.