Tag Archives: Bankruptcy

Bankrupt Bitcoin Miner Giga Watt Forced to Cease Daily Operations

Bankrupt U.S.-based bitcoin mining firm Giga Watt has confirmed that it’s been forced to shut down day-to-day operations. The firm sent an email to customers on Tuesday, seen by CoinDesk, which states that, while it had continued to operate in the two months since the bankruptcy filing, “At present, both access and power to the facilities in which… Read More »

After Cancelling ICO, Crypto Startup Zwoop Filed for Administration: Report

The board of directors of cryptocurrency and e-commerce startup Zwoop reportedly filed for administration at the end of November last year. The news was revealed in an exclusive article by major United Kingdom-based newspaper The Telegraph, Jan. 11. According to anonymous sources cited in a report by tech news outlet The Next Web, this move has left employees… Read More »

Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed

Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds. Cubits Owner: Funds Recovery ‘Unsuccessful’ In a press release dated December 11, Dooga Ltd., the UK-based entity trading as Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of €29 million ($33 million) in February… Read More »

Giga Watt Drastically Revises Assets in Updated Bankruptcy Filing

Bankrupt U.S.-based bitcoin mining firm Giga Watt just hiked the value of its assets in a revised filing. The firm lodged an amended voluntary petition at the bankruptcy court in the Eastern District of Washington on Thursday, stating the value of its assets as being between $10 million and $50 million, far higher than the previously stated $0–$50,000… Read More »

Bitcoin Miner Giga Watt Files for Bankruptcy Amidst Price Crash

Giga Watt recently filed for bankruptcy in a Washington court, declaring that it had under $50,000 in assets, with debt worth millions of dollars. Millions of Dollars in Debt According to iFiberOne, U.S.-based cryptocurrency company, Giga Watt, filed for Chapter 11 bankruptcy code in a Federal Court located in the Eastern District of Washington. The firm claimed that… Read More »

Crypto Mining Industry Sees a Calamity as Crypto-mining Host Giga Watt Files For Bankruptcy

The crypto markets have been melting down this year spiraling down 77% from its all-time highs. But still, a lot of investors and institutional players have continued to invest in crypto assets and up-and-coming blockchain-focused projects. But one sub-sector that has taken a harsh beating from this meltdown is the mining industry, which just saw a calamity as… Read More »

Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions

U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors. The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk. Creditors include the utilities provider in its Douglas… Read More »

Mt Gox’s Corporate Creditors Can Now File Claims for Bitcoin Refunds

The trustee of the long-defunct bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped bitcoin through a recently approved rehabilitation process. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to… Read More »