Cryptocurrency company Exodus Movement is taking W3C and its CEO Garth Howat to court in an effort to finalize a $175 million acquisition deal agreed upon last November. 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 allegedly claimed the loans did not need to be repaid. The lawsuit accuses Howat and W3C of attempting to evade the terms of the agreement, engaging in deceitful practices such as falsifying documents and attempting to dismiss key executives. Exodus CEO JP Richardson stated, 'We have a binding agreement in place and expect it to be honored in full. We are confident in our position and look forward to a swift resolution.'