Redmins (www.redminslaw.com) has commenced a new federal court lawsuit on behalf of an investor in the 2017 pre-functional Initial Coin Offering (ICO) promulgated by Washington-based cryptocurrency mining company Giga Watt, alleging that Giga Watt violated securities laws by selling investments in its cryptocurrency mining farm without registering those investments with the necessary regulatory entities. Moreover, the lawsuit alleges that as Giga Watt failed to timely issue its cryptocurrency tokens and provide the plaintiff the benefit for which he paid, the plaintiff suffered financial loss in excess of a million dollars. The lawsuit, styled Moss v. Giga Watt, U.S. Dist. Ct. – E.D. Wash. – Case No. 2:18-cv-00100, pleads that the Court rescind the plaintiff’s investments in Giga Watt; return to him his cryptocurrency; and impose a constructive trust over the funds and assets collected by Giga Watt that were invested by the plaintiff and other investors. Anyone who invested in Giga Watt and did not receive all of the benefits they were promised should contact Redmins immediately to discuss their legal options.In recent months, it has become apparent that government officials will no longer tolerate unregistered ICO fundraisers like Giga Watt’s because such crowdfunded events lack the protective measures needed to prevent widespread fraud upon the investing public. Following a path Redmins has blazed for several years, lawmakers around the country are increasing their scrutiny of past, present, and future actions in the cryptocurrency industry to shield investors from fraud or empty promises of wealth that enrich no one but the company making those hollow promises.
