Cryptocurrency firm Exodus Movement is taking W3C and its CEO Garth Howat to court to finalize a $175 million acquisition agreed upon last November. The lawsuit, filed in the Delaware Court of Chancery, aims to force 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 $10 million allocated to Howat personally. However, they allegedly claimed the loans did not need to be repaid, prompting Exodus to take legal action.
The lawsuit accuses Howat and W3C of attempting to renege on the agreement, falsifying documents, and making unauthorized changes to their subsidiaries' leadership. Exodus CEO JP Richardson stated that the company expects the agreement to be honored and anticipates a swift resolution. W3C's subsidiaries, Baanx and Monovate, were involved in the Crypto Life digital asset cards business, partnering with major players like Mastercard and MetaMask.