Trump-linked Bitcoin firm reaches $2.5M settlement with DOJ over pandemic loan

BitcoinWorld Trump-linked Bitcoin firm reaches $2.5M settlement with DOJ over pandemic loan American Bitcoin, a mining company with ties to the Trump family, has agreed to pay $2.5 million to resolve U.S.

Department of Justice allegations that it improperly received pandemic relief funds. The settlement stems from a Paycheck Protection Program (PPP) loan obtained by Gryphon Digital Mining before its merger with American Bitcoin last year. Background of the case The U.S.

Small Business Administration (SBA) had initially approved a PPP loan for Gryphon Digital Mining, which at the time was operating as a cannabis-related software company.

However, the SBA later determined that the company was not eligible for the loan and reversed its loan-forgiveness decision in 2024. The DOJ then opened an investigation, leading to the settlement announced in American Bitcoin’s latest quarterly report.