Exodus Movement, a publicly traded cryptocurrency company, has initiated a lawsuit against W3C, the parent company of crypto payment specialists Baanx and Monovate, and its CEO Garth Howat, in an effort to finalize a $175 million acquisition agreed upon last November. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to fulfill his obligations under 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, who subsequently claimed the loans did not need to be repaid, as alleged in the lawsuit. The lawsuit accuses Howat and W3C of engaging in a deliberate and improper attempt to evade completing the transaction, citing actions such as the misappropriation of millions of dollars from a subsidiary, falsification of documents, and unauthorized 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, anticipating a swift resolution.'