UAB Qbit Financial Service Lawsuit Officially Dismissed by U.S. Court -- Case Closed Without Findings of Wrongdoing
NEW YORK, Aug. 25, 2025 /PRNewswire/ -- UAB Qbit Financial Service, a Lithuanian financial services provider, has recently issued an official clarification regarding certain media reports about a lawsuit involving the company. Previous online claims suggesting that UAB Qbit Financial Service was involved in a so-called "pig butchering" cryptocurrency scam are outdated and false. In fact, the lawsuit was formally dismissed by the U.S. District Court for the Northern District of California on June 13, 2025, with the court explicitly confirming that UAB Qbit Financial Service engaged in no wrongdoing.
Court Ruling: Case Permanently Closed
After review, the U.S. court confirmed that UAB Qbit Financial Service committed no wrongdoing. Plaintiff Michael Mashkevich and the company signed a Joint Stipulation of Dismissal with Prejudice, permanently closing the case. Under U.S. law, a "dismissal with prejudice" means the case is conclusively resolved and the plaintiff cannot refile based on the same facts.
In addition, the California lawsuit also referenced a separate 2023 case involving Bytechip, which shares the same Cayman parent company as UAB Qbit Financial Service but operates as a completely separate entity with independent core businesses. This reference was included because the plaintiff attempted to link the two companies during the litigation. However, according to court documents, the Bytechip case had already been concluded prior to this litigation, and the court did not find any impropriety or fault in Bytechip's handling of the funds.
Regarding online content referring to the "UAB Qbit Financial Service lawsuit" or "pig butchering" allegations, the company reminds the public that these articles were published during the litigation process, do not reflect the final outcome, and are inconsistent with the current facts. The case has now been formally dismissed by the U.S. court, with the ruling further confirming UAB Qbit Financial Service's compliance with applicable regulations. The company reserves the right to take legal action against the dissemination of false information.
As a financial services provider, UAB Qbit Financial Service adheres to the highest international standards of compliance and anti-money laundering (AML) protocols, continuously strengthening its risk management framework to protect the safety of client funds and business operations worldwide.
SOURCE Qbit
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