Exodus Movement, a publicly traded cryptocurrency company, has initiated a lawsuit against W3C, the parent company of Baanx and Monovate, and its CEO Garth Howat, in an effort to complete 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 Howat personally receiving $10 million, which he later claimed did not need to be repaid, as alleged in the lawsuit. The lawsuit accuses Howat and W3C of attempting to evade the terms of the binding agreement, engaging in practices such as falsifying documents and improperly dismissing key personnel. Exodus CEO and Co-founder JP Richardson stated, 'We have a binding agreement in place with W3C and expect it to be fully honored.
We are confident in our position and anticipate a swift resolution.'