Exodus Movement, a publicly traded cryptocurrency company, has filed a lawsuit against W3C, the parent company of cryptocurrency payment specialists Baanx and Monovate, and its CEO Garth Howat, in an effort to complete the $175 million acquisition agreed upon in November last year. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to fulfill his obligations under the Stock Purchase Agreement. Upon signing the deal, Howat and W3C received $80 million in loans from Exodus, with $10 million allocated to Howat personally.
However, they have since claimed that these loans do not need to be repaid, according to the lawsuit. The lawsuit accuses Howat and W3C of attempting to avoid closing the transaction and engaging in improper conduct, including falsifying documents and dismissing key personnel. Exodus CEO JP Richardson stated that the company expects the agreement to be honored and is confident in a swift resolution.