Exodus Movement, a publicly traded cryptocurrency company, has initiated a lawsuit against W3C, the parent company of Baanx and Monovate, and its CEO Garth Howat, in an effort to finalize the $175 million acquisition of W3C that was agreed upon in November last year. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to fulfill his obligations as outlined in the November 24, 2025 Stock Purchase Agreement. Upon signing the deal, Howat and W3C received $80 million in loans from Exodus, with Howat personally receiving $10 million, which he later claimed did not need to be repaid, according to the lawsuit. The lawsuit alleges that Howat and W3C are attempting to evade their commitment to complete the transaction, engaging in a series of improper actions, including the falsification of documents and the dismissal of key personnel.
Exodus CEO and Co-founder JP Richardson stated, 'We have a binding agreement in place with W3C and expect it to be fully honored. We are confident in our position and anticipate a swift resolution.'