Exodus Movement, a publicly traded cryptocurrency company, has initiated legal proceedings 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 last November. 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 $10 million allocated to Howat personally, which they now claim does not need to be repaid, according to the lawsuit. The lawsuit alleges that Howat and W3C are engaging in a deliberate and improper attempt to evade completing the transaction, having made false statements, backdated documents, and improperly dismissed key personnel.
Exodus CEO and Co-founder JP Richardson expressed confidence in the binding agreement, expecting it to be fully honored and anticipating a swift resolution.