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Author: Admin | 2025-04-28
Mining • November 21, 2018, 10:28AM EST UPDATED: November 22, 2018, 8:49AM EST Giga Watt, a bitcoin mining cloud service provider, has filed for Chapter 11 bankruptcy. Court filings show that Giga Watt owes its 20 largest unsecured creditors nearly $7M. The firm reportedly has less than $50,000 in estimated assets and liabilities in the range of $10-$50M. Giga Watt held an initial coin offering in 2017 and raised $20M to fund its operations. In January 2018, investors sued the mining firm for conducting an unregistered securities offering. (Source: CoinDesk)AUTHOR Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. + Follow us on Google News More by Steven Zheng
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