American Bitcoin, a mining company founded by Donald Trump's family, announced that it has reached a $2.5 million (approximately 3.4 billion KRW) settlement with the U.S. Department of Justice to resolve allegations of improperly receiving pandemic relief funds. The allegations stemmed from the past history of 'Gryphon Digital Mining', which American Bitcoin merged with last year. The U.S. Small Business Administration (SBA) determined that Gryphon, which was a cannabis-related software company, was ineligible for Paycheck Protection Program (PPP) loans and canceled its 2024 forgiveness decision. American Bitcoin minimized negative impact by only disclosing the settlement details in a footnote to its quarterly report, and its stock price closed up by about 5%, boosted by the announcement of its highest-ever quarterly Bitcoin mining performance.
