Marathon Digital Settles Lawsuit for $138 Million

IconCryptoNewsTerminal Staff23 Jul, 2024

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Marathon Digital Settles Lawsuit for $138 Million

Marathon Digital, a cryptocurrency mining company, has agreed to pay $138 million to settle a lawsuit filed against it. The lawsuit, filed by Michael Ho, a co-founder and former chief strategy officer of Hut 8, alleged that Marathon breached a non-circumvention contract. According to the lawsuit, Ho shared confidential information with Marathon about how to build Bitcoin mining farms in North America. In return, Marathon allegedly agreed to compensate Ho if it used any of his information. However, Marathon is accused of using Ho's information without compensating him. The settlement agreement requires Marathon to pay Ho $138 million. The company has also agreed to issue Ho 2 million shares of Marathon stock. The settlement is a significant victory for Ho. It also sends a message to other companies that they cannot breach their contracts with impunity. Keywords: Marathon Digital Michael Ho Hut 8 Bitcoin mining Non-circumvention contract Lawsuit * Settlement

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