Bitcoin mining firm Giga Watt files for bankruptcy

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)