Bitcoin Miner Hut 8 Settles Securities Lawsuit for $2.35M Over 2023 Merger Disclosures on June 23

According to BlockBeats, Bitcoin miner Hut 8 agreed to pay $2.35 million to settle a securities class action lawsuit on June 23 over misleading disclosures related to its 2023 merger with U.S. Bitcoin Corp. Investors alleged the company exaggerated merger benefits and failed to adequately disclose operational risks involving power and connectivity issues at the King Mountain bitcoin mining facility in Texas.

The $2.35 million settlement represents approximately 19.6% of the maximum recoverable damages estimated at $12.08 million by plaintiffs. Hut 8 did not admit any wrongdoing or liability as part of the settlement, which remains subject to final court approval.