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. 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 stated in the lawsuit. The lawsuit alleges that Howat and W3C are attempting to evade their obligations, engaging in a series of improper actions, including the backdating of documents and the dismissal of key personnel.
Exodus CEO and Co-founder JP Richardson expressed confidence in the binding agreement, stating that the company expects it to be fully honored and anticipates a swift resolution.