In a bid to finalize its $175 million acquisition of W3C, cryptocurrency company Exodus Movement has initiated a lawsuit against W3C and its CEO, Garth Howat. 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, W3C and Howat received $80 million in loans from Exodus, with Howat personally receiving $10 million, which he later claimed did not need to be repaid. The lawsuit alleges that Howat and W3C are attempting to renege on their obligations, engaging in a series of improper actions, including falsifying documents and dismissing key personnel. Exodus CEO JP Richardson stated that the company expects the agreement to be honored and is confident in a swift resolution.
The acquisition is valued at $175 million, and Exodus is seeking to compel W3C to complete the transaction as agreed upon.