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According to The Energy Mag, Bitcoin mining company Hut 8 has agreed to pay $2.35 million to settle a proposed securities class-action lawsuit initiated by investors.
The investors accused Hut 8 of exaggerating transaction revenue during the all-stock merger with U.S. Bitcoin Corp. in 2023, and failing to fully disclose the electricity and network connectivity issues at the King Mountain mine in Texas under the latter.
Hut 8 did not admit to any wrongdoing or causing investor losses.