Exodus Movement, a listed cryptocurrency company, has filed a lawsuit against W3C, the parent company of Baanx and Monovate, and its CEO Garth Howat, seeking to finalize the $175 million acquisition agreed upon in November last year. The lawsuit, filed in the Delaware Court of Chancery, seeks to compel Howat to fulfill his obligations under 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 the loans did not need to be repaid, according to the lawsuit. The lawsuit alleges that Howat and W3C are attempting to evade completing the transaction, engaging in a series of improper actions, including falsifying documents and dismissing key personnel.
Exodus CEO JP Richardson stated, 'We have a binding agreement with W3C and expect it to be fully honored. We are confident in the path forward and anticipate a swift resolution.'