What was supposed to be the most expensive deal in the crypto industry has in the meantime transformed into something ugly. Last month, Galaxy Digital, a crypto investment firm, pulled out of its $1.2 billion acquisition of the crypto custodian BitGo. Now, BitGo is pressing charges against its would-be buyer.
Galaxy Digital terminated the acquisition after BitGo allegedly failed to present audited financial records for 2021. Galaxy Digital then claimed the company doesn’t need to pay any fees for pulling out of the deal.
However, BitGo thinks otherwise. According to the lawsuit, Galaxy Digital owns the company more than $100 million in termination fees for breaching the terms of their agreement. We currently don’t have more information on the details of the lawsuit, but it should be available for viewing by tomorrow.
This is some more bad news for Galaxy Digital. In Q2 2022, the company reported a $554 million loss.
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