Sphere Concedes It Will No Longer Seek To Impose Any Liability for Impersonation of Its CFO

Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company independently certified as 100% renewable, provides an update on its ongoing litigation with Sphere 3D Corp.

During a June 27, 2024, court conference, Sphere conceded it would no longer seek to impose liability on Gryphon for allegations related to an impersonation event involving an email requesting the transfer of 26 bitcoins. This concession means Gryphon is not subject to liability for these allegations.

Sphere had filed action against Gryphon on April 7, 2023. Gryphon's independent forensic investigation concluded no breach in its internal security systems. Gryphon continues to defend against remaining allegations and pursue its claim against Sphere for alleged breaches of the MSA, seeking $45 million in damages.

Gryphon is represented by Hogan Lovells attorneys. The parties are in early stages of discovery.