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   743

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. 

Сould you please attach your email address for us to send you the most interesting ICO's rating and reviews. No spam.

Microsoft to Ban Crypto Ads in Bing Search Engine

Advertisements related to virtual currencies or promotion of fake/forged virtual currencies are now prohibited
17 May 2018   135

Bing is a very famous web search engine owned and operated by Microsoft. A couple of days ago Bing reported in its Blog that online fraud involving financial services became a serious problem recently. Bing published a list of policies to help ad providers meet approval and protect consumers and businesses from being victimized. The polices apply to all forms of currency including real and virtual currency.

Advertising for the following products and services is not permitted: Ponzi schemes, pyramid schemes, or other legally questionable business opportunities, particularly if returns on investment rely solely on adding participants to the scheme or the consumer must pay a subscription fee or buy a specific product to join, and the value proposition of doing so is undefined.
 

Bing Blog post

Bing now bans ads related to solicitation of funds except by recognized charities or organizations. Advertisements related to virtual currencies designed to facilitate illegal purposes, to avoid applicable taxes, money laundering, promotion of fake/forged virtual currencies are also prohibited. The full ban of such ads is expected in late June or early July.

Previously, we have reported that Facebook created a new policy that prohibits all advertisements for cryptocurrency and ICOs as part of an effort to improve the integrity and security of ads.