Crypto
Trump-Linked Bitcoin Venture Settles Loan Allegations for $2.5 Million
American Bitcoin has reached a settlement of $2.5 million over allegations involving an improperly obtained pandemic relief loan.
The dispute originated from a $2.2 million Paycheck Protection Program loan issued to Gryphon, which was later merged with American Bitcoin and transferred its legal liabilities.
The Small Business Administration initially forgave the loan in 2021 but rescinded that decision in 2024, prompting a Justice Department investigation into the matter.