EUR/USD 1.15837
-0.247%
Gold 4378.66
-0.628%
Oil 90.725
2.616%
USD/JPY 158.670
0.146%
GBP/USD 1.34030
-0.259%
GBP/JPY 212.670
-0.050%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 24th, asset management firm Neuberger Berman stated that European interest rates present two-way risks, and this asymmetry should be reflected in prices. The rise in global government bond yields, while influenced by central bank expected repricing, is also likely due to the need for central banks and financial institutions to raise funds due to rising oil prices. Even without traditional safe-haven demand, US Treasuries reflect a clearer easing path from the Federal Reserve than the European Central Bank.The SC crude oil futures contract fell by more than 8.00% again during the day, and is currently trading at 740.50 yuan/barrel.The platinum futures contract rose 4.00% intraday, currently trading at 489.35 yuan/gram. The palladium futures contract rose 4.90% intraday, currently trading at 359.4 yuan/gram.March 24 (Yonhap) -- The South Korean government is likely to implement naphtha export controls this week as Irans prolonged blockade of the Strait of Hormuz disrupts naphtha supplies. Yang Ki-wook, director of the Trade and Resources Security Office of the Ministry of Trade, Industry and Energy, stated at a press conference at the Sejong Government Building on the 24th that the Ministry is coordinating with relevant departments on plans to implement naphtha export controls. Naphtha is a basic raw material for petrochemical products; South Korea relies on domestic refineries for 55% of its naphtha, importing the remainder.Prosecutors say a Russian drone strike on an electric multiple unit in Ukraine’s Kharkiv region killed one person.

Galaxy Digital Faces Lawsuit by BitGo Over Merger Fallout

Cory Russell

Sep 15, 2022 14:10

微信截图_20220915103716.png


In recent months, the cryptocurrency industry has seen an increase in litigation. In fact, the sector is already dealing with a deluge of litigation as a result of the market's rapid collapse in May. BitGo has now filed a lawsuit against its former business partner Galaxy Digital, adding to the growing list of legal grievances (OTCMKTS:BRPHF). BitGo is describing the fresh lawsuit this week after the failure of a merger arrangement.

 

Legal battles in the cryptocurrency industry occur often, to put it mildly. Every week, new lawsuits are filed, albeit they are often initiated by regulators or investors rather than by the firms themselves. The Securities & Exchange Commission (SEC), for instance, has continued to be active in this area. In addition to its action against Ripple (XRP-USD), the SEC is pursuing a number of individuals for suspected unlawful activities. Recently, class action lawsuits filed by investors against corporations have increased significantly, as seen with Solana (SOL-USD) and Coinbase (NASDAQ:COIN).

 

However, it seems that the recent market crisis has forced many businesses to turn on one another in order to vent their financial difficulties. The regularity with which cryptocurrency firms are suing one another has increased during the last several months. The legal dispute between KeyFi and Celsius (CEL-USD), as well as Celsius's own countersuit, is one of the most well-known. Additionally, Gemini became involved in a legal dispute with IRA Financial Trust about allegedly stolen property.

 

Mike Novogratz's Galaxy Digital seems to be the next business to defend itself in court against cryptocurrency custodian BitGo. It seems that the two were planning to combine, and if the lawsuit is successful, Galaxy Digital might be liable for a sizable amount.

 

Galaxy Digital is being sued by BitGo for allegedly violating the terms of the merger agreement.

 

According to BitGo, Galaxy Digital may be liable for a staggering $100 million. On Twitter today, the latter business announced the filing of a lawsuit against its former rival.

 

The thread, which was posted in the early hours of today morning, is brief. The reason for the absence of information at this time, according to BitGo, is that it wishes to redact material before the case is made public because of "abundance of caution in the event... Galaxy asserts differently." Investors now only know that Galaxy Digital is being sued for "improper repudiation and willful violation" of the merger agreement it had with BitGo.

 

The revelation that Galaxy Digital intended to purchase BitGo made for some significant headlines in May 2021. Galaxy Digital is among the most well-known cryptocurrency investment firms, in large part because of its respectable owner Mike Novogratz and its considerable Bitcoin holdings.

 

The transaction was quiet for the next year, but by mid-August this year, everything had completely turned bad. Galaxy Digital made the decision to terminate the deal immediately. The business issued a statement in which it charged BitGo with breaching the conditions of the contract by missing the deadline for submitting its financial accounts for 2021. Galaxy Digital said in its statement that despite the company's agreement to pay a $100 million termination fee should the merger not materialize by the end of 2022, the amount was no longer relevant as a result of the contract violation.

Suggestion