BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damages

BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damages


Digital asset custodian BitGo has filed a lawsuit against Mike Novogratz’s cryptocurrency investment firm Galaxy Digital for terminating the former’s acquisition.

BitGo took to Twitter on Tuesday to disclose details of its lawsuit against Galaxy after the latter terminated the $1.2 billion acquisition deal with BitGo in mid-August.

Filed on Monday, the lawsuit seeks more than $100 million in damages, accusing Galaxy of “improper repudiation” and “intentional breach” of its acquisition agreement with BitGo, the firm said.

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BitGo said they filed the lawsuit with Delaware Chancery Court, stressing that the court documents are expected to become public on Thursday evening. That is in “an abundance of caution” in the event Galaxy wants to “redact some of the allegations before the complaint becomes public,” BitGo noted in a tweet.

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