Exodus Movement, a publicly traded cryptocurrency company, has initiated legal proceedings 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 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 to Howat personally, who subsequently claimed that repayment was not required, as alleged in the lawsuit. The lawsuit asserts that Howat and W3C are engaging in a deliberate and improper attempt to renege on their commitment to sell W3C to Exodus, as stipulated in the binding agreement.
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 the outcome and anticipate a prompt resolution.'