USBTC would have pursued structured bankruptcy
Company: Hut 8
The claim, verbatim
According to an individual highly familiar with USBTC, if not for the Merger, USBTC would have done a structured bankruptcy.
Source (primary)
Thompson v. Leverton — Entry #8: FILING ERROR - DUPLICATE DOCKET ENTRY - COMPLAINT against Joseph Flinn, Asher Genoot, Alexia Hefti, Michael Ho, Hut 8 Corp., Jamie Leverton, Stanley O'Neal… (RECAP (purchased via PACER), court_filing)
View cached copy (2026-09-25)Live source ↗
Quote: “according to an individual 'highly familiar with USBTC,' if not for the Merger, USBTC 'would have done a structured bankruptcy'”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The complaint quotes the J Capital Report as reporting this statement from an unnamed person; the claim's attribution to that individual matches, though the statement reaches the complaint secondhand through the short-seller report.
Confirmed in the source:
- An individual described as 'highly familiar with USBTC' said that without the Merger, USBTC 'would have done a structured bankruptcy'
What we did: Read our cached copy of RECAP (purchased via PACER) (https://storage.courtlistener.com/recap/gov.uscourts.nysd.618845/gov.uscourts.nysd.618845.8.0.pdf) in full (109,654 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Thompson v. Leverton — Entry #8: FILING ERROR - DUPLICATE DOCKET ENTRY - COMPLAINT against Joseph Flinn, Asher Genoot, Alexia Hefti, Michael Ho, Hut 8 Corp., Jamie Leverton, Stanley O'Neal…
Quote: “according to an individual 'highly familiar with USBTC,' if not for the Merger, USBTC 'would have done a structured bankruptcy'”