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Riot and SBI Crypto reach a $20 million settlement agreement over Bitcoin mining dispute
Deep Tide TechFlow News, March 3 — According to The Block, Bitcoin mining company Riot Platforms has agreed to pay $20 million in cash to SBI Crypto to settle all claims related to the custody agreement terminated in 2021.
Previously, SBI Crypto had demanded over $175 million in profit loss compensation and $50 million in equipment cost reimbursement. However, the court ruled that SBI could not use Bitcoin appreciation prices in its damage calculation model, leading to the settlement agreement.
This settlement ends the legal dispute between the two parties over the termination of Bitcoin mining custody services in Texas.