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U.S. based Cryptocurrency Mining Firm Closes Operation Due to Bankruptcy

Gigawatt, a U.S. based cryptocurrency mining and Blockchain company has reportedly closed its day to day operations due to bankruptcy. The company informed its customers via Telegram that they have lost access and power to their facility. This and many more were revealed by the firm on January 15.

Company Notifies Clients of its Bankruptcy

Prior to this notification, the cryptocurrency company told its customers on November 28 that they were unable to repay its creditors. Their publication on Telegram also reveals that they had filed with the “Bankruptcy court seeking relief and reorganization”. This allowed their daily operations to resume until this time.
Due to the new development, Gigawatt on its customer support Telegram channel states that customers will be able to withdraw their cryptocurrency from their wallets until March. In the same vein, some will be able to pick up their equipment and these are the ones that the company had already moved or shipped before the lockdown.

Some Customers to Receive Email Notification of Shipments

The publication also says an email will be sent within two weeks and its content will be the tracking data of customers’ shipment. Clients, on the other hand, who do not receive this notification can assume that their equipment is among those that have been locked down. As such, they should not expect them and any information pertaining to these devices will be unknown.
Asides from that, the company has revealed that some of its staffs have not been paid since July 2018. Nevertheless, those who are still working with them will be able to assist customers in know your customer (KYC) procedures, withdrawing their digital assets, and several other customer care services.

More Cryptocurrency Companies Lay off Their Staffs

The dump in Bitcoins’ price in 2018 may have caused several companies in the industry to fold and some Blockchain developers to delay the launch of their projects. BTCNN made a report on December 27 about Bitmain who intended to lay off some of its staff. The mining company also said they are closing its development center in Isreal.
Despite these developments, others are still standing strong. This can be said about Coincheck, a cryptocurrency company that had faced a major attack in January 2018. As a result, $530 worth of NEM tokens were lost and the company had to compensate its customers. However, recent reports reveal that the exchange has resumed its full operations and has also been licensed by the Japanese Financial Services Agency (FSA).

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