Marathon Patent Group to Pay $138M For Breach of Contract

Michael Ho V. Marathon Patent Group, Inc. Et Al

Case Background

On January 14, 2021, Michael Ho, one of the founders of the cryptocurrency entity U.S. Bitcoin Corp., filed a breach of contract lawsuit against Marathon Patent Group, a cryptocurrency mining company based in Las Vegas, Nevada, for misrepresentation, unjust enrichment, and violating the terms of their Non-Disclosure agreement. The case was subsequently removed from Riverside Superior Court to the United States District Court, California Central (Eastern Division - Riverside). The lawsuit was assigned to Judge Sunshine Suzanne Sykes and referred to Magistrate Judge Sheri PYM. [Case number: 5:21cv339]

Cause

Michael Ho ("HO"), a Dubai resident, filed a lawsuit against Marathon Patent Group, Inc. ("MARA") and other unnamed Defendants. HO claims that, in early 2020, he obtained information about unused electricity capacity from Beowulf Energy, which he believed could benefit MARA. Before disclosing details, HO insisted on a contract to secure his profits and prevent MARA from bypassing him. HO and MARA agreed to a written or implied contract. The key terms included MARA's agreement to maintain confidentiality and not to use the information for purposes other than energy-related opportunities. Additionally, MARA pr

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Marathon Patent Group Hit with $138M Verdict for Breach of Contract and Unjust Enrichment