BitGo demands more than $100 million from Galaxy Digital…Details here
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Answer BitGo demands more than $100 million from Galaxy Digital…Details here
BitGo, a custodian and custodian of cryptocurrency, is suing Galaxy Digital for withdrawing from a previously announced acquisition.
The legal complaint is the company’s response to Galaxy Digital’s recent decision to terminate the acquisition.
BitGo’s pursuit of more than $100 million in damages:
BitGo’s official Twitter account revealed the move on Tuesday.
According to the tweet, the company filed the lawsuit on Monday, following Galaxy Digital’s announcement.
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The company is seeking, through the lawsuit, over $100 million in damages.
BitGo noted that Galaxy Digital’s decision had negative effects on the company.
It added that the termination of the acquisition deal is an improper refusal and a willful breach of the merger agreement with BitGo.
The company filed the lawsuit in the US court of Delaware.
Galaxy Digital believes that the complaint contains some information that should remain confidential.
Accordingly, Galaxy Digital has indicated its interest in editing content and claims before presenting them to the public.
As a reminder, Galaxy Digital canceled the $1.2 billion acquisition last month, after BitGo failed to submit and produce its 2021 audited financial records by July 31.
The acquisition will aid Galaxy in its plans to go public.
It was also agreed to give the existing shareholders of BitGo a 10% stake in the new company.
Additionally, Galaxy Digital plans to retain most of the existing BitGo team.
But the merger encountered several delays.
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It was previously expected to be done by the end of the year, but Galaxy Digital decided to close the deal.
Despite the termination, Galaxy Digital indicated that it still plans to go public in the USA.
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