Odaily Planet Daily News Crypto mining company Stronghold Digital has agreed to pay $4.75 million and 25 bitcoins to settle a class action lawsuit alleging that it exaggerated its bitcoin mining capacity during its 2021 IPO. According to court documents, the settlement was reached one year after mediation and will pay bitcoins in installments over the next 24 months. The lawsuit was filed by the plaintiff in the Southern District Court of New York in April 2022. Under the proposed settlement, Stronghold and the underwriters (a group of investment banks responsible for Stronghold's 2021 IPO) agreed to pay compensation in cash and bitcoin after one year of mediation. The value of the bitcoin portion is approximately $2.2 million based on the current bitcoin price ($90,000). (Bloomberg)

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