Great North Data, a Bitcoin mining provider in Labrador City, Canada, has just shut down due to bankruptcy. However, not only did it run out of money, but this project was government-funded, and taxpayers are owed their dues because of it.
According to CBC.ca, the group had $13.2 million in liabilities, but only $4.6 million in assets.
Back before the big Bitcoin blowup in 2015, the group was provided $500,000 from the Atlantic Canada Opportunities Agency (ACOA) under the condition that they paid it back eventually. Then, in 2016, they were given another $420,000. They paid some of that back, but still owe around $281,675 it seems.
On top of this, the Business Investment Corporation of Newfoundland and the Labrador government are owed $313,718. However, Great North Data should be able to pay that back by selling its land and buildings, not to mention the equipment they worked with.
According to a statement emailed to the publication, the ACOA is “in contact with the client and are closely following all developments.”
The company’s website is down as well.
The publication also notes that Great North Data was involved in a lawsuit with a Bitcoin mining firm in Hong Kong which never came to a conclusion, and is even less likely to now due to this shutdown.
Click here to know more about Bitcoin Trading.
Trusted & Regulated Stock & CFD Brokers
What we like
- 0% Fees on Stocks
- 5000+ Stocks, ETFs and other Markets
- Accepts Paypal Deposits
Min Deposit
$200
Charge per Trade
Zero Commission on real stocks
64 traders signed up today
Visit Now67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Available Assets
- Total Number of Stocks & Shares5000+
- US Stocks
- German Stocks
- UK Stocks
- European
- ETF Stocks
- IPO
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 Zero Commission
- NASDAQ Zero Commission
- DAX Zero Commission
- Facebook Zero Commission
- Alphabet Zero Commission
- Tesla Zero Commission
- Apple Zero Commission
- Microsoft Zero Commission
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
- Paypall
- Skrill
- Neteller
What we like
- Sign up today and get $5 free
- Fractals Available
- Paypal Available
Min Deposit
$0
Charge per Trade
$1 to $9 PCM
Visit Now
Investing in financial markets carries risk, you have the potential to lose your total investment.
Available Assets
- Total Number of Shares999
- US Stocks
- German Stocks
- UK Stocks
- European Stocks
- EFTs
- IPOs
- Funds
- Bonds
- Options
- Futures
- CFDs
- Crypto
Charge per Trade
- FTSE 100 $1 - $9 per month
- NASDAQ $1 - $9 per month
- DAX $1 - $9 per month
- Facebook $1 - $9 per month
- Alphabet $1 - $9 per month
- Telsa $1 - $9 per month
- Apple $1 - $9 per month
- Microsoft $1 - $9 per month
Deposit Method
- Wire Transfer
- Credit Cards
- Bank Account
Share
Max Moeller
