PANews, June 23 – According to The Block, Hut 8 has agreed to pay approximately $2.35 million to settle a securities class action lawsuit related to its 2023 all-stock merger with U.S. Bitcoin Corp (USBTC). The lawsuit alleged that Hut 8 failed to adequately disclose energy and network risks at the King Mountain bitcoin mining joint venture facility in Texas in the merger documents, and misrepresented USBTC’s financial condition. The court had previously dismissed most of the investors’ claims based on USBTC’s financial statements, leaving only Securities Act claims concerning insufficient disclosure of infrastructure risks surrounding King Mountain. The settlement amount represents approximately 19.6% of the originally estimated recoverable losses of $12.08 million, and remains subject to preliminary and final approval by the U.S. District Court for the Southern District of New York. Hut 8 did not admit any wrongdoing or liability.