Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) said it reached an amicable resolution to litigation pending with crypto lending platform Celsius Network.
Under the resolution, the cryptocurrency miner said the lease agreement from November 2020 was terminated and Argo paid Celsius US$6.3mln to satisfy its remaining financial obligations to Celsius.
Celsius also passed the title to Argo for the 4,500 Bitmain S19 Antminer and S19 Pro mining machines covered by the lease.
Argo has also agreed to terminate its mining services arrangement with Celsius in return for a payment from Celsius to Argo in the form of Bitcoin.
The remaining terms of the resolution were not disclosed.