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BitGo is suing Galaxy Digital for takeover violation, seeking $100 million in damages

Published on

January 14, 2023
Read Time:1 Minute, 32 Second

BitGo, the custodian of digital property, has filed a lawsuit in opposition to Mike Novogratz's cryptocurrency funding agency Galaxy Digital over the termination of the acquisition.

BitGo took to Twitter on Tuesday reveal Particulars of his lawsuit in opposition to Galaxy after the latter terminated its $1.2 billion acquisition take care of BitGo in mid-August.

The lawsuit, filed Monday, seeks greater than $100 million in damages and accuses Galaxy of "unreasonably denying" and "willfully violating" its acquisition settlement with BitGo, the agency mentioned.

BitGo mentioned they filed the lawsuit within the Delaware Chancery Courtroom, stressing that the courtroom paperwork are anticipated to be launched Thursday night time. That is "a plethora of precautions" in case Galaxy "desires to redact a few of the allegations earlier than the grievance is made public," BitGo famous in a tweet.

As beforehand reported, Galaxy accomplished its acquisition of BitGo on August fifteenth. The corporate argued that it exercised its proper to drop the transaction in accordance with the merger settlement after BitGo didn't submit audited monetary statements for 2021.

Galaxy CEO Novogratz mentioned it's persevering with to pursue its path to a US itemizing on Nasdaq. Galaxy additionally acknowledged that they plan to vigorously defend the agency in a doable case, as Galaxy believes BitGo's claims are "unfounded".

BitGo and Galaxy didn't instantly reply to Cointelegraph's request for remark.

Associated: CleanSpark acquires Georgia mining facility for $33 million

The information comes amid BitGo creating extra services. The corporate on Tuesday announced the launch of its wealth administration platform, which goals to present registered funding advisors and broker-dealers direct entry to digital property.

Based in 2013, BitGo is a big world digital foreign money firm targeted solely on serving institutional purchasers, offering custody, liquidity and safety options. The corporate final yr reported over $64 billion in property underneath custody.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 14, 2023
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