Cryptocurrency custodian BitGo will be able to proceed with its $100 million lawsuit against financial services firm Galaxy Digital. The Delaware Supreme Court overturned a lower court's decision to dismiss the lawsuit last year, allowing BitGo to move forward with the case in Chancery.
BitGo accused Galaxy of "willfully" defaulting on a $1.20 billion merger agreement reached in May 2021, because it was unable to pay the huge fee after suffering huge financial losses in the crypto bear market. Galaxy said the agreement broke down because BitGo failed to provide the necessary audited financial statements on time, and said BitGo's allegations were "baseless".
Last June, Delaware Associate Justice J. Travis Laster ruled that Galaxy had "just cause" to withdraw from the deal because BitGo had provided "non-compliant" financial documents. After BitGo appealed, the Delaware Supreme Court found that the definition of "financial statement" in the merger agreement was ambiguous, and the parties provided reasonable explanations, and therefore overturned the previous ruling.
BitGo's $100 million lawsuit against Galaxy Digital allowed to proceed
2024-05-24 21:56:50
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