Summary: According to Coindesk, cryptocurrency custodian firm BitGo said it plans to sue Galaxy Digital, the latter had earlier announced its withdrawal from the agreement to acquire BitGo for $1.2 billion due to BitGo’s “failure to deliver 2021 audited financial statements that meet the requirements of the agreement by July 31, 2022.” Not only did Galaxy ...

According to Coindesk, cryptocurrency custodian firm BitGo said it plans to sue Galaxy Digital, the latter had earlier announced its withdrawal from the agreement to acquire BitGo for $1.2 billion due to BitGo’s “failure to deliver 2021 audited financial statements that meet the requirements of the agreement by July 31, 2022.”

Not only did Galaxy cite absurd reasons, but also refused to pay the previously promised exit fee, BitGo said, the company will seek $100 million in damages from Galaxy.

Galaxy Digital, which is preparing to list on the Nasdaq, reported last week a net loss of $554.7 million in the second quarter, nearly tripling the loss from a year earlier.