Exodus Movement, a listed cryptocurrency company, has taken W3C and its CEO Garth Howat to court in an effort to finalize the $175 million acquisition agreed upon in November last year. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to adhere to the terms 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, as alleged in the lawsuit.
The lawsuit accuses Howat and W3C of attempting to evade their obligations, engaging in a series of improper actions, including backdating documents and attempting to dismiss boards of directors. Exodus CEO JP Richardson expressed confidence in a swift resolution, stating that the company expects the binding agreement to be fully honored.