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Galaxy Digital Faces Lawsuit by BitGo Over Merger Fallout

Cory Russell

Sep 15, 2022 14:10

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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.

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