A suit alleging conducting an unregistered securities offering has been filed against Giga Watt – a company who held the ICO to fund the construction of a cryptocurrencies mine. The plaintiffs are a group of investors who contributed an excess of $20 during the project’s initial coin offering.
IN exchange for their investments, the buyers of the tokens were supposed to receive exclusive rights for use the Giga Watt cryptocracies mining facility rent-free or mining gear and supplies. Giga Watt then failed to meet its deadlines and honor refunds.
The suit alleges that tokens they bought into are securities and must be registered with the U.S. Securities and Exchange Commission.