Express

BitGo Plans To Sue Galaxy Digital And Seek $100 Million In Damages

Mary Liu

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.

Last Update:

Tags: ,
Link: BitGo Plans To Sue Galaxy Digital And Seek $100 Million In Damages   [Copy]
  • The Future of Blockchain: How Modularity is Revolutionizing the Industry 21 hours ago
  • Parallelized EVMs: The Solana Killer? 5 days ago
  • Bitcoin: The Ultimate Memecoin? 9 days ago
  • Memecoin Mania: Is it Here to Stay or Should You Avoid? 10 days ago
  • LayerZero vs Wormhole vs Axelar vs Chainlink: What’s the Best Interoperability Protocol? 13 days ago
  • You need to login to comment.