The company is suing for $100M
BitGo has recently confirmed its intentions to take Galaxy Digital to court. The lawsuit was made against the Mike Novogratz company and is seeking damages in the amount of more than $100 million.
The lawsuit comes counter to Galaxy Digital backing out of a deal which would have seen the company acquire BitGo.
The announcement of the lawsuit was made via a tweet yesterday where the thread explained the entire situation and reasoning behind the lawsuit.
The claim on the tweet is that Galaxy Digital improperly repudiated the company and intentionally breached the merger agreement.
The deal between Galaxy Digital and BitGo was set for October for the amount of $1.2 Billion but Galaxy Digital stated that BitGo failed to deliver audited financial statements for 2021.
A statement from BitGo came as follows:
“Although BitGo does not believe that the complaint contains any confidential information, it was filed in Delaware Chancery Court under seal in an abundance of caution in the event Galaxy contends otherwise and wishes to redact some of the allegations before the complaint becomes public. Under the court’s rules, even if some information is redacted, the complaint should be accessible by the public shortly after 5 pm ET on Thursday.”
This situation is ongoing.