Image default
Crypto News

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

According to statements made by the digital asset custody enterprise and monetary companies supplier Bitgo, the agency has filed a lawsuit towards the crypto firm Galaxy Digital and is looking for damages for greater than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” prompted the lawsuit.

Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement

On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the corporate’s proposed acquisition deal for the crypto asset monetary companies supplier Bitgo. Galaxy initially had intentions in May 2021 to buy Bitgo for a $1.2 billion inventory and money deal. However, Galaxy stated that the termination was as a result of Bitgo’s “failure to deliver” particular monetary paperwork. More particularly, “audited financial statements for 2021” as Galaxy alleges that Bitgo didn’t flip this info in on a particular date.

Immediately after Galaxy introduced it terminated the deal by way of a press launch, Bitgo reacted to the corporate’s allegations. In a press launch revealed by Bitgo, the corporate confused that Galaxy Digital was “legally responsible for its improper decision to terminate the merger.” Bitgo’s announcement on September 13 particulars that the lawsuit goals to handle Galaxy’s alleged “improper repudiation and intentional breach of its merger agreement.” Bitgo is working with the Los Angeles-based litigation agency Quinn Emanuel and the litigation agency’s associate Brian Timmons stated:

Although Bitgo doesn’t imagine that the grievance incorporates any confidential info, it was filed in Delaware Chancery Court below seal in an abundance of warning within the occasion.

Bitgo additionally stated that Galaxy “contends otherwise and wishes to redact some of the allegations before the complaint becomes public.” However, if some of the data is redacted, the grievance ought to nonetheless be “accessible by the public shortly after 5 pm ET on Thursday.”

Bitgo believes the corporate is owed $100 million as a result of termination charges, and plenty of crypto supporters have been following the story intently. “Will be interesting to see what the details of the allegations are,” one individual replied to Bitgo’s Twitter publish on Tuesday.

Tags on this story
1.2 billion, BitGo, Bitgo authorized motion, crypto custodian, custodian, Delaware-based firm, Galaxy, Galaxy announcement, Galaxy CEO, Galaxy Digital, GLXY, authorized motion, LUNA, Mike Novogratz, nasdaq, Nasdaq Listing, Quinn Emanuel, R. Brian Timmons, SEC, SEC assessment, inventory alternate, Terra Blockchain, TSX: GLXY

What do you consider Bitgo submitting a lawsuit towards Galaxy Digital for $100 million over an alleged breached contract? Let us know what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com News in regards to the disruptive protocols rising at this time.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It will not be a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss prompted or alleged to be brought on by or in reference to the use of or reliance on any content material, items or companies talked about on this article.

Related posts

Silver Supply Crunch Predictions, FDIC Issues Cease and Desist Order to FTX US, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Crypto Advisor

Tetrix and Pitaka crypto wallet launch ‘Tetrix Link’ to digitize contact exchange » CryptoNinjas

Crypto Advisor

Allowing Creators and Fans to Co-create and Co-monetize

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,750.37 1.46%
ethereum
Ethereum (ETH) $ 1,264.96 5.58%
tether
Tether (USDT) $ 1.00 0.07%
usd-coin
USD Coin (USDC) $ 1.00 0.04%
bnb
BNB (BNB) $ 265.39 0.75%
binance-usd
Binance USD (BUSD) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.443171 3.00%
xrp
XRP (XRP) $ 0.404048 0.57%
polkadot
Polkadot (DOT) $ 6.22 1.65%
solana
Solana (SOL) $ 30.97 2.69%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.03%
dogecoin
Dogecoin (DOGE) $ 0.057505 3.13%
staked-ether
Lido Staked Ether (STETH) $ 1,254.51 5.55%
matic-network
Polygon (MATIC) $ 0.717958 3.14%
tron
TRON (TRX) $ 0.059173 1.51%
dai
Dai (DAI) $ 1.00 0.10%
avalanche-2
Avalanche (AVAX) $ 16.74 0.62%
ethereum-classic
Ethereum Classic (ETC) $ 28.16 4.02%
leo-token
LEO Token (LEO) $ 4.59 3.43%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,732.66 1.37%
uniswap
Uniswap (UNI) $ 5.61 3.88%
litecoin
Litecoin (LTC) $ 51.79 1.07%
cosmos
Cosmos Hub (ATOM) $ 13.57 3.18%
okb
OKB (OKB) $ 14.67 2.13%
ftx-token
FTX (FTT) $ 23.03 2.19%
terra-luna
Terra Luna Classic (LUNC) $ 0.000282 7.63%
near
NEAR Protocol (NEAR) $ 3.70 4.50%
chainlink
Chainlink (LINK) $ 6.75 2.84%
crypto-com-chain
Cronos (CRO) $ 0.104117 0.45%
monero
Monero (XMR) $ 136.38 4.07%
stellar
Stellar (XLM) $ 0.112099 3.35%
bitcoin-cash
Bitcoin Cash (BCH) $ 110.42 2.36%
algorand
Algorand (ALGO) $ 0.350388 7.68%
flow
Flow (FLOW) $ 1.65 2.34%
vechain
VeChain (VET) $ 0.022041 3.38%
eos
EOS (EOS) $ 1.19 10.90%
internet-computer
Internet Computer (ICP) $ 5.97 0.86%
filecoin
Filecoin (FIL) $ 5.33 0.42%
chain-2
Chain (XCN) $ 0.067212 1.42%
frax
Frax (FRAX) $ 1.00 0.02%
hedera-hashgraph
Hedera (HBAR) $ 0.057709 0.45%
decentraland
Decentraland (MANA) $ 0.696326 2.30%
apecoin
ApeCoin (APE) $ 5.79 0.47%
the-sandbox
The Sandbox (SAND) $ 0.826641 3.09%
tezos
Tezos (XTZ) $ 1.43 3.12%
quant-network
Quant (QNT) $ 103.61 1.11%
axie-infinity
Axie Infinity (AXS) $ 11.87 4.72%
aave
Aave (AAVE) $ 73.66 2.13%
lido-dao
Lido DAO (LDO) $ 1.84 2.01%
elrond-erd-2
Elrond (EGLD) $ 46.60 3.36%
theta-token
Theta Network (THETA) $ 1.04 0.56%
true-usd
TrueUSD (TUSD) $ 1.00 0.02%
chiliz
Chiliz (CHZ) $ 0.243056 5.80%
bitcoin-sv
Bitcoin SV (BSV) $ 48.03 2.19%
compound-usd-coin
cUSDC (CUSDC) $ 0.022663 0.05%
paxos-standard
Pax Dollar (USDP) $ 0.995904 0.07%
kucoin-shares
KuCoin (KCS) $ 8.70 2.89%
bittorrent
BitTorrent (BTT) $ 0.00000077623297 1.03%
ecash
eCash (XEC) $ 0.000039 1.64%
the-graph
The Graph (GRT) $ 0.096918 1.37%
iota
IOTA (MIOTA) $ 0.254824 3.27%
zcash
Zcash (ZEC) $ 54.41 0.60%
huobi-btc
Huobi BTC (HBTC) $ 18,670.96 1.89%
usdd
USDD (USDD) $ 0.99989 0.04%
huobi-token
Huobi (HT) $ 4.47 2.60%
evmos
Evmos (EVMOS) $ 2.42 3.85%
havven
Synthetix Network (SNX) $ 2.33 0.09%
cdai
cDAI (CDAI) $ 0.022092 0.09%
maker
Maker (MKR) $ 606.57 0.67%
bitdao
BitDAO (BIT) $ 0.480105 2.31%
klay-token
Klaytn (KLAY) $ 0.203204 1.24%
neutrino
Neutrino USD (USDN) $ 0.956151 2.56%
fantom
Fantom (FTM) $ 0.224079 2.16%
compound-ether
cETH (CETH) $ 25.43 5.70%
neo
NEO (NEO) $ 8.20 2.41%
helium
Helium (HNT) $ 4.79 1.17%
gatechain-token
Gate (GT) $ 4.19 0.18%
defichain
DeFiChain (DFI) $ 0.804534 2.43%
radix
Radix (XRD) $ 0.057685 0.97%
celsius-degree-token
Celsius Network (CEL) $ 1.57 7.67%
pax-gold
PAX Gold (PAXG) $ 1,655.80 0.14%
pancakeswap-token
PancakeSwap (CAKE) $ 4.24 3.18%
thorchain
THORChain (RUNE) $ 1.59 2.68%
osmosis
Osmosis (OSMO) $ 1.19 4.00%
zilliqa
Zilliqa (ZIL) $ 0.031617 1.41%
enjincoin
Enjin Coin (ENJ) $ 0.461124 3.54%
nexo
NEXO (NEXO) $ 0.885876 0.63%
arweave
Arweave (AR) $ 9.43 1.93%