Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 162

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 8
Chunk 162
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ITEM
8. FINANCIAL INFORMATION

  Consolidated Statements and Other Financial Information  

Consolidated Financial Statements

See Item 18 of this Report
for our consolidated financial statements and other financial information.

Legal Proceedings

From time to time, we have
been involved in legal proceedings or be subject to claims arising out of our operations.

Ethereal Singapore is named
as a defendant in a lawsuit filed on November 6, 2023, in the United States Bankruptcy Court for the District of Delaware, the venue
of which had been transferred to the U. S. District Court for the Southern District of New York. The lawsuit relates to an alleged agreement
to sell at a discount of Ethereal Singapore’s creditor claim against FTX’s bankruptcy estate. The plaintiff seeks to specific
performance by Ethereal Singapore to complete the transfer of the subject claim to the plaintiff or, alternatively, damages in an amount
equal to the difference between the alleged purchase prices of the subject claim and the ultimate amounts distributed by the FTX bankruptcy
estate on the account of that claim. As a result of the FTX bankruptcy proceeding, we recorded 100% impairment loss for the claim of US$9.8 million
in 2022 (remeasured using the carrying value of Bitcoin as of December 31, 2022) on assets, including the underlying assets of this
lawsuit’s subject claim, held at FTX. As of December 31, 2024, the lawsuit has been discontinued and the matter has been fully settled.
For more details, see “ Item 3. Key Information - D. Risk Factors - Risks Related to Our Operations - We deposit certain
fund and digital assets with cryptocurrency exchanges. If such cryptocurrency exchanges become bankrupt or otherwise unable to remit stored
fund and digital assets, we may lose these assets, and our business, financial condition and results of operations may be adversely affected,”
and “ - We have been and may continue to be involved in legal and other disputes from time to time arising out of our operations,
including disputes with our suppliers, customers, business partners, competitors or employees,” and “ Item 5. Operating and
Financial Review and Prospects - A. Operating Results - Key Components of Results of Operations - Operating expenses/income - Impairment
loss on assets held by FTX.”

On September 11, 2024, a holder
of certain Warrants, or the Warrant Holder, commenced a litigation against the Company in the United States District