Crypto
American Bitcoin Settles PPP Loan Allegations for $2.5 Million
American Bitcoin, a mining company tied to the Trump family, has agreed to pay $2.5 million to settle 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.
The U.S. Small Business Administration had initially approved the PPP loan for Gryphon Digital Mining, which at the time was operating as a cannabis-related software company.
The SBA later determined that the company was not eligible for the loan and reversed its loan-forgiveness decision in 2024, prompting an investigation by the U.S. Department of Justice.