TechFlow news — On March 28, according to The Miner Mag, cryptographer and early Bitcoin developer Adam Back, along with his affiliated companies, filed a petition in a U.S. court to enforce a $28 million arbitration award against Chinese chipmaker InnoSilicon.
The Hong Kong International Arbitration Centre issued rulings in December 2023 and February 2024, finding that InnoSilicon had breached three contracts. Under the rulings, InnoSilicon must pay $5.88 million to Blockstream, $19.23 million to Thigmotropism, and $715,000 to Back, plus approximately $2.34 million in arbitration costs and 8% annual interest.
The dispute stems from agreements signed in early 2018, under which the claimants paid a total of $20.5 million for Bitcoin mining machines. The tribunal found that InnoSilicon became aware as early as March 2018 of hidden crack defects in the chips, yet proceeded with delivery in September of that year. To date, InnoSilicon has not paid any portion of the awarded amounts.
