Exodus Movement, a publicly traded cryptocurrency company, has filed 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 2025. 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 $10 million allocated to Howat personally, who subsequently claimed that repayment was not required, as stated in the lawsuit. The lawsuit alleges that Howat and W3C are attempting to evade their obligations, engaging in a series of improper actions, including the falsification of documents and the unauthorized dismissal of key personnel.
Exodus CEO and Co-founder JP Richardson expressed confidence in a swift resolution, stating that the company expects the binding agreement to be fully honored.