BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damages

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

BitGo continues developing new products despite merger issues with Galaxy Digital, launching the Wealth Management platform on Tuesday.

Digital asset custodian BitGo has filed a lawsuit against Mike Novogratz’s cryptocurrency investment firm Galaxy Digital for terminating the former's acquisition.details of its lawsuit against Galaxy after the latter terminated the $1.2 billion acquisition deal with BitGo in mid-August.

Filed on Monday, the lawsuit seeks more than $100 million in damages, accusing Galaxy of “improper repudiation” and “intentional breach” of its acquisition agreement with BitGo, the firm said. BitGo said they filed the lawsuit with Delaware Chancery Court, stressing that the court documents are expected to become public on Thursday evening. That is in “an abundance of caution” in the event Galaxy wants to “redact some of the allegations before the complaint becomes public,” BitGo noted in a tweet.on Aug. 15. The company argued that it exercised its right to drop the deal in line with the merger agreement after BitGo failed to deliver audited financial statements for 2021.

Galaxy CEO Novogratz said that it was still pursuing its path to the United States listing on Nasdaq. Galaxy also stated that theyBitGo and Galaxy did not immediately respond to Cointelegraph’s request for comment.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Okay, what does that mean?

🚀 Thnks a millon

🚀 Thnks a millon.

Why is no one talking about this!?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Central Bank of China Calls for Increasing Use of Digital Yuan – Finance Bitcoin NewsThe People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency, the digital yuan. Get more coins👉 Whyy is everyonee silent about thiss? 🚀 Thnks a millon.
Source: BTCTN - 🏆 531. / 51 Read more »