Exodus Movement, a publicly traded cryptocurrency company, has initiated legal action against W3C, the parent company of Baanx and Monovate, and its CEO Garth Howat, in an effort to finalize the $175 million acquisition agreed upon in November of the previous year. A 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 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 attempting to evade the terms of the binding agreement, engaging in practices such as falsifying documents and mismanaging subsidiaries.
Exodus CEO JP Richardson stated, 'We have a binding agreement in place with W3C and expect it to be fully honored, anticipating a swift resolution.'