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BitGo to Sue Galaxy Digital for $100M Over Acquisition Termination

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BitGo to Sue Galaxy Digital for $100M Over Acquisition Termination

Cryptocurrency custodian BitGo is planning to battle Galaxy Digital in court and wants to seek $100 million from the firm due to a sudden termination of its acquisition.

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The firm said in a blog post on Tuesday that its agreement with Galaxy Digital was not scheduled to expire until December 31, 2022. BitGo has already hired litigation powerhouse Quinn Emanuel to take appropriate legal action.

R. Brian Timmons, a partner with Quinn Emanuel, says that the attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo «is absurd.» He added:

«Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more.»

BitGo Founder, Mike Belshe, says the custodian’s business has continued to grow and its operational and strategic outlook «remain strong.» He noted that the firm ended 2021 with over $64 billion in assets in custody.

BitGo to Pay $98K to Settle Sanctions Violation Case

Galaxy says BitGo failed to provide audited financial statements by July 31, which is why the broker-dealer decided to cancel the acquisition. In December 2020, PayPal also terminated acquisition talks with BitGo, and it remains unclear, what made the payment giant to abandon the deal.

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Источник: ru.ihodl.com

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