Exodus Movement, a publicly traded cryptocurrency company, has taken legal action against W3C, the parent company of Baanx and Monovate, as well as its CEO Garth Howat, in an effort to finalize the $175 million acquisition agreed upon last November. The lawsuit, filed in the Delaware Court of Chancery, aims 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 personally to Howat, who subsequently claimed the loans were non-repayable.
The lawsuit accuses Howat and W3C of attempting to evade the terms of the binding agreement, including the alleged manipulation of documents and the unauthorized dismissal of key personnel. Exodus CEO 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 prompt resolution.'