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Asters Wins Stockholm Arbitration for ASK Technology Involving Crypto Mining Equipment

Asters Wins Stockholm Arbitration for ASK Technology Involving Crypto Mining Equipment

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Asters has successfully represented ASK Technology Limited, a Hong Kong-based manufacturer of multi-GPU systems for mining, rendering, and AI, in a dispute over a contract for the supply of equipment for the mining of Ethereum with a Finnish company in the Arbitration Institute of the Stockholm Chamber of Commerce. Deacons provided Hong Kong law expertise.

According to Asters, the firm “represented the seller under a contract that provided the buyer with the necessary cryptocurrency mining equipment. However, sometime after the delivery had been made, the buyer started claiming that the equipment failed to meet the quality requirements set out in the contract. In particular, the buyer alleged that the equipment's hash rate parameters were lower than agreed between the parties and thus its output of Ethereum was less than expected. Against this backdrop, the buyer sought the full repayment of the purchase price plus interest or, alternatively, the compensation for damages incurred by the delivery of defective mining equipment.”

The sole arbitrator rejected all of the buyer's claims, finding that the mining equipment delivered by ASK was of the appropriate quality set out in the contract. In ruling in the seller's favor, Asters reports, "the arbitrator accepted Asters' interpretation of both the contract and Hong Kong law, which was found to be applicable law despite the buyer's objections. The arbitrator ordered full arbitration and legal costs to be compensated."

Asters' team was led by Partner Markiyan Kliuchkovskyi and included Counsel Oleksandr Volkov and Associate Mykhailo Soldatenko.

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