Bitgo Files Lawsuit Against Novogratz’s Galaxy Digital for $100M Over ‘Intentional Breach’ of a Merger Agreement

According to statements made by the integer plus custody concern and fiscal services supplier Bitgo, the steadfast has filed a suit against the crypto institution Galaxy Digital and is seeking damages for much than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit.

Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement

On August 16, 2022, Bitcoin.com News reported connected billionaire capitalist Mike Novogratz’s Galaxy Digital terminating the company’s projected acquisition woody for the crypto plus fiscal services supplier Bitgo. Galaxy primitively had intentions successful May 2021 to acquisition Bitgo for a $1.2 cardinal banal and currency deal. However, Galaxy said that the termination was owed to Bitgo’s “failure to deliver” circumstantial fiscal documents. More specifically, “audited fiscal statements for 2021” arsenic Galaxy alleges that Bitgo did not crook this accusation successful connected a circumstantial date.

Immediately aft Galaxy announced it terminated the woody via a property release, Bitgo reacted to the company’s allegations. In a property merchandise published by Bitgo, the institution stressed that Galaxy Digital was “legally liable for its improper determination to terminate the merger.” Bitgo’s announcement connected September 13 details that the suit aims to code Galaxy’s alleged “improper repudiation and intentional breach of its merger agreement.” Bitgo is moving with the Los Angeles-based litigation steadfast Quinn Emanuel and the litigation firm’s spouse Brian Timmons said:

Although Bitgo does not judge that the ailment contains immoderate confidential information, it was filed successful Delaware Chancery Court nether seal successful an abundance of caution successful the event.

Bitgo besides said that Galaxy “contends different and wishes to redact immoderate of the allegations earlier the ailment becomes public.” However, if immoderate of the accusation is redacted, the ailment should inactive beryllium “accessible by the nationalist soon aft 5 p.m. ET connected Thursday.”

Bitgo believes the institution is owed $100 cardinal owed to termination fees, and galore crypto supporters person been pursuing the communicative closely. “Will beryllium absorbing to spot what the details of the allegations are,” 1 idiosyncratic replied to Bitgo’s Twitter station connected Tuesday.

What bash you deliberation astir Bitgo filing a suit against Galaxy Digital for $100 cardinal implicit an alleged breached contract? Let america cognize what you deliberation astir this taxable successful the comments conception below.