Lawsuit filed against Giga Watt ICO

Investors of the ICO, which attracted $ 22 million in cryptocurrencies, are unhappy with roadmap implementation delay
04 January 2018   1701

Giga Watt is a startup whose aim to launch a cryptocurrency mining facility. The company describes itself as “the world’s first full-service mining solution provider” and promises “turnkey mining services”. A group of investors have filed a lawsuit over project delays that they claim are costing them serious money. This is reported by the News Bitcoin Com.

The plaintiffs stated that ICO raised around $20 million in cryptocurrency last summer. That cryptocurrency is now worth five times as much, but investors haven't received nothing for it: no crypto, no Giga Watt tokens, and none of the mining equipment that was meant to be supplied. 

In a court filing, the plaintiffs state their “fear that they might never be issued their tokens or see their mining machines activated, and are losing valuable time and money as defendants indefinitely delay the further development of the Giga Watt Project”.

Giga Watt representatives have overtly and unmistakably stated to investors that between the time of the ICO and the date on which each investor would be issued his/her/its Giga Watt tokens, the value/price of each Giga Watt token was anticipated to increase significantly.
 

The Giga Watt filing in the U.S. District Court in Eastern Washington

Giga Watt is ran by Dave Carlson, who already has failed mining project. In 2014, his Megabigpower mining project fell apart after his supposed partners failed to purchase the equipment they had promised. 

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   213

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.