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04.01.2018 | 12:11

Giga Watt sued for fraud ICO conduction

Giga Watt, bitcoin startup, sued for fraud ICO

Startup Giga Watt which launched ICO in summer 2017 sued for unregistered securities offer. The respective suit was filed by the project's group of investors, according to CoinDesk.

Totally the plaintiffs invested more than $20 million in the project – with a current estimated valuation of USD 100 million. Giga Watt gathered funds to launch mining and storage creation for cryptocurrency. In return for their contributions, investors were to be issued either Giga Watt tokens or mining equipment. Tokens would grant investors exclusive rights to use the company's facilities rent-free for 50 years.

However, the plaintiffs assert that construction deadlines have not been met and promises to refund contributions have not been honored. 

The claim states: "Many investors  have not been issued their Giga Watt tokens or had their machines set up and deployed, 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.”

Previously, Washington-based Giga Watt before ICO launch worked with the law firm Perkins Coie to ensure the tokens would not be considered securities. However, the plaintiffs are claiming that tokens issued for a pre-functioning network are, by their very nature, securities that must be covered with the U.S. Securities and Exchange Commission.

References in the article: startup, giga watt, bitcoin, fraud, ico
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