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Bitcoin mining company, Giga Watt is officially out of business as operations completely ceased due to "non-payments".
After declaring bankruptcy 2 months ago, Washington-based mining company, Giga Watt is officially out-of-business, according to CCN.
To recap, the Bitcoin mining company filed for bankruptcy in a local court, stating that the remaining assets worth less than $50,000, while liabilities were around $10-50 million.
Just a couple days after, the company revised the amount of remaining assets mentioned on the court document to $10-50 million, which an admin, named Andrey stated as “an error”.
As the legal process proceeds, the company still ran mining operations for several clients, until it’s completely cut off just recently due to what they said as “non-payments”.
Quoting Andrey’s recent post on Giga Watt’s Telegram account, “Shutdown due to non-payments. Revenue from the hosting less than expenses.”
When a reporter asked for a confirmation, Andrey, who’s alleged as Giga Watt’s head of investor relations, Andrey Kuzenny responded with template responses, such as, “On the advice of my attorney, I can’t comment or release any information retaining to Giga Watt due to on the legal proceedings. Once clear our legal team, we would be happy to tell our side of the story and provide all necessary details about our company” and “For the additional questions you can contact our PR guy: @maxsmetannikov.”
Value-wise, the WTT token is currently valued at $0.011, which is 99.3% down from last year’s when it was $1.79. To put as a remark, the token has seen a constant and significant decline since last year, -63.6% in the past 24 hours, and -57.2% in the last 30 days. On its best day, the WTT token reached $4.62, which happened right after it went on the market.
The company is currently facing multiple lawsuits from their investors, among which are Singapore-based Cryptonomos Pte. and the Douglas County Public Utility District, with a total amount of claims of $3.67 million.
Read more: Giga Watt amends the bankruptcy docs from $50K to $10-50M of assets