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 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 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 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 engaging in a deliberate and improper attempt to evade completing the transaction, citing actions such as the manipulation of documents and the unauthorized dismissal of key personnel. Exodus CEO and Co-founder JP Richardson expressed confidence in the binding agreement and anticipated a swift resolution. Howat has yet to respond to requests for comment.
W3C's subsidiaries, Baanx and Monovate, were instrumental in the development of the Crypto Life digital asset cards business, which collaborated with major industry players like Mastercard and MetaMask.