BitGo Confirms Submitting Lawsuit In opposition to Galaxy Digital, Seeks $100M in Damages

BitGo confirmed earlier right now that it had filed a lawsuit towards the Mike Novogratz-spearheaded firm searching for damages in extra of $100 million.

Galaxy Digital deliberate to amass BitGo earlier this yr however backed out of the deal just lately.

• In a September 13 Twitter thread, BitGo confirmed the earlier rumors concerning the lawsuit, saying it was filed on September 12.
• The corporate stated it desires “greater than $100 million” in damages “arising from Galaxy’s improper repudiation and intentional breach of its merger settlement with BitGo.”
• CryptoPotato reported in early April Galaxy Digital’s intentions to amass the cryptocurrency custodian because the deal was imagined to happen till October 2022.
• Nonetheless, the previous terminated the settlement in August, claiming that BitGo had didn’t ship audited monetary statements from 2021 that was in compliance with its necessities.
• BitGo’s assertion from right now cited Brian Timmons, a companion with Quinn Emanuel (the regulation agency representing the custodian):

“Though BitGo doesn’t consider that the grievance incorporates any confidential info, it was filed in Delaware Chancery Courtroom below seal in an abundance of warning within the occasion Galaxy contends in any other case and desires to redact among the allegations earlier than the grievance turns into public. Beneath the courtroom’s guidelines, even when some info is redacted, the grievance needs to be accessible by the general public shortly after 5 pm ET on Thursday.”