According to Foresight News, law firm Wolf Popper LLP is investigating potential securities fraud claims on behalf of common stock purchasers of bitcoin mining company Hut 8 Corp. In February 2023, Hut 8 Mining Corp. announced a merger with U.S. Data Mining Group, Inc., also known as US Bitcoin Corp., in an all-stock, equal merger transaction valued at $655 million. The merged company was to be named Hut 8 Corp., and the transaction was completed on November 30, 2023.
On January 18, 2024, J Capital Research published a negative report, causing Hut 8's stock price to drop by more than 23%. The investigation by Wolf Popper LLP aims to determine if there were any fraudulent activities involved in the merger and subsequent stock price decline.