Bitcoin mining company Hut 8 agrees to pay $2.35 million to settle a class-action lawsuit brought by investors over alleged disclosure disputes related to the 2023 merger involving USBTC and US Bitcoin Corp.

June 23 News, Bitcoin mining company Hut 8 has agreed to pay $2.35 million to settle a securities class-action lawsuit filed by investors. The lawsuit alleges that Hut 8 provided misleading disclosures regarding operational risks and potential issues related to the merger with U.S. Bitcoin Corp. in 2023.
The focus of the lawsuit involves power and network connectivity issues at the King Mountain Bitcoin mining facility in Texas. Investors claim that Hut 8 exaggerated the merger benefits and failed to fully disclose related operational risks. According to the settlement agreement, Hut 8 does not admit to any illegal conduct or liability.
Documents show that the $2.35 million settlement amount accounts for approximately 19.6% of the plaintiffs' estimated maximum recoverable damages of $12.08 million. The settlement plan still requires final approval from the court.
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