Cryptocurrencies
Novogratz’s Galaxy Sued by Crypto Custodian BitGo Over Deal Breach
- BitGo is seeking damages of more than $100 million in lawsuit
- Galaxy had ended the $1.2 billion deal with no termination fee
Mike Novogratz
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
BitGo is suing Mike Novogratz’s Galaxy Digital Holdings for more than $100 million in damages after Galaxy abandoned its planned $1.2 billion acquisition of the crypto custodian.
The lawsuit, filed Monday in Delaware Chancery Court, cited Galaxy’s “wrongful repudiation and willful and intentional breach” of the merger agreement, according to public filings tied to the case. The complaint was filed under seal and will be made public on Thursday, in case Galaxy wishes to redact some of the allegations, according to Brian Timmons, a lawyer at Quinn Emanuel Urquhart & Sullivan, which is representing BitGo.