A Bitcoin mining firm just declared bankruptcy, and it still owes millions.

Good evening. I'm Mark Hockstein, and this is late confirmation from CoinDesk, bringing you

the top stories from Wednesday, November 21st. Also on today's show, there is about $6 billion

tops in insurance available for the crypto industry.

But that's probably not enough.

Bitcoin Cash's messy divorce seems to be for keeps.

And a crypto-friendly bank now serves nearly 500 startups from the space.

We'll have more on these and other stories on today's show.

The U.S. crypto mining firm Gigawatt filed for Chapter 11 bankruptcy on Monday, court documents

reveal, but it still owes creditors about $7 million. These creditors include its utility suppliers. It owes one company

$310,000 and another nearly half a million. Further, the company now has less than $50,000 in assets,

with about $10 to $50 million in liabilities. In a special shareholders meeting Sunday, the company noted that it was insolvent.

The company was founded with a goal of allowing small-scale miners to participate in the industry

by creating mining pods in areas with cheap electricity.

It held an initial coin offering in May 2017, raising about $22 million.

However, gigawatt was sued in January for conducting what was alleged to be an unregistered

securities offering after the firm failed to meet construction deadlines and allegedly

did not honor promises to refund

contributions. Next up, insurance coverage in the crypto space totals at best $6 billion. But that's a mere

drop in the bucket for a space with a market cap of $140 billion, even after an 11-month-long bear market.

In fact, some of the leading exchanges each conduct 1 billion transactions every day.

Insurance is a critical need, however, particularly for institutional investors looking to enter the space.

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