A lawsuit by the U.S. SEC that dates back to September of 2022 against a crypto firm, has finally ended in a settlement worth $2.8 million.

The lawsuit in question charged Hydro Technology Corp. and its former CEO Michael Ross Kane for their roles in effectuating the unregistered offers and sales of crypto securities called “Hydro”. Additionally, they were alleged to perpetrate a scheme to manipulate the trading volume and price of those securities, which generated more than $2 million for Hydrogen.

As part of the settlement, Hydrogen has consented to pay a total of nearly $2.8 million, comprised of nearly $1.5 million in disgorged profits — which refers to the profits yielded from illegal or wrongful conduct — a penalty of more than $1 million, and prejudgment interest. Michael Kane, on the other hand, has agreed to pay a fine of approximately $260,000.