The company Giga Watt is prosecuted for fraud after an ICO

Another year, another trial in the world of the ICO. This time, it is a Giga Watt, which is in the line of sight, a start-up whose goal is to initiate an installation of the extraction of crypto-currencies. The company describes itself as the premier provider of mining solutions and promises of the mining services key in hand. A group of investors is not satisfied with its services and has brought legal action for delays of projects, which, according to them, cost them money.

An ICO which raised $ 20 million

The plaintiffs have asserted have contributed to the collection of approximately $ 20 million in crypto-currencies with the ICO Giga Watt last summer. This crypto-currency is now worth five times more, but investors got nothing in return : no encryption, no chips, Giga-Watt, or any mining equipment.

Check out below a detailed explanation of this announcement :

The complainants have stated that they will no longer be able to receive their tokens, or see their mining equipment and lose a valuable time as well as money because of this delay.

After Tezos, it is now Giga Watt

There are similarities with the trial of Tezos. In fact, the Breitmans are also facing several lawsuit in court. Both ICO conducted by the company, are not clear. The current investigations will allow to understand if these chips may be considered securities. David Silver, one of the lawyers who filed the complaint against Giga Watt, explained that the simple fact that the digital currency could one day be used does not diminish the responsibility of the company.

As in the case of Tezos, investors in Giga Watt are dissatisfied with the waiting time. Even if the crypto-currencies of the two ICO were to be launched, it is unlikely that investors will be able to get the gains they might have made.

Source : NewsBitcoin