Exodus Movement, a publicly traded cryptocurrency company, has initiated legal action against W3C, the parent company of Baanx and Monovate, and its CEO, Garth Howat, in an effort to complete a $175 million acquisition agreed upon in November of the previous year. A lawsuit filed in the Delaware Court of Chancery seeks to compel Howat to adhere to the terms of the November 24, 2025 Stock Purchase Agreement. As part of the initial agreement, 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, according to the lawsuit.
The lawsuit alleges that Howat and W3C are attempting to evade their obligations under the binding agreement, engaging in actions such as falsifying documents and improperly dismissing key personnel. In response to the situation, 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.'