Exodus Movement, a publicly traded cryptocurrency company, has filed a lawsuit 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, submitted to 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 $10 million allocated directly to Howat, who allegedly claimed the loans did not require repayment. The lawsuit accuses Howat and W3C of engaging in a deliberate and improper campaign to evade completing the transaction, citing actions such as falsifying documents and attempting to dismiss key personnel. In response, Exodus CEO and Co-founder JP Richardson stated that the company expects the binding agreement to be fully honored and anticipates a swift resolution.