Kentucky State Senator Sued Over Bitcoin Mining Business

Kentucky Senator Brandon Smith is facing two lawsuits related to his Bitcoin mining company, Mohawk Energy. The first suit was filed by Ricky Dale Cole, who alleges misrepresentation in a deal to sell a warehouse to Mohawk, claiming he has not received financial information or profits from his agreement for a 20% stake in the business. The second lawsuit comes from HBTPower, a subsidiary of Huobi, which accuses Smith of breach of contract, alleging that Smith asked their personnel to leave after initially agreeing to train his staff in Bitcoin mining repairs. Smith has denied the allegations and filed counterclaims against both plaintiffs, emphasizing his optimism about the industry's future in Kentucky despite these legal challenges. He previously authored a 2021 bill providing tax incentives for cryptocurrency investments, reflecting his commitment to the crypto sector amid its growing pains in the U.S. mining landscape.

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