Exodus Movement, a listed cryptocurrency company, has initiated legal proceedings against W3C and its CEO, Garth Howat, in an effort to finalize the $175 million acquisition agreed upon in November of the previous year. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to adhere to the obligations 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, according to the lawsuit.
The lawsuit alleges that Howat and W3C are attempting to evade their commitment to the acquisition, citing actions such as the falsification of documents and the 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 respected.
We are confident in our position and anticipate a prompt resolution.'