Crypto Custody Firm BitGo to Sue Galaxy Digital for Abandoning $1.2B Merger Agreement
finance.yahoo.com/news/crypto-custody-firm-bi...Posted Aug 15, 2022, 6:10 PM UTC
Posted Aug 15, 2022, 6:10 PM UTC
tldr; Cryptocurrency custody company BitGo said Monday it plans to sue Galaxy Digital for backing out of the firms' $1.2 billion merger agreement. BitGo, which is one of the biggest custodians in the crypto industry, said it will seek $100 million in damages from Galaxy.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Galaxy digital pulled out because bitgo failed to provide the audit required to prove they hold the funds they claim they do.
They had a year to provide the asset audit and didn't do so. Galaxy pulled out.
BitGo, which is one of the biggest custodians in the crypto industry, said it will seek $100 million in damages from Galaxy. In a press release, it said Galaxy is refusing to pay this previously promised breakup fee.
Damn, all I got in my last breakup was a bigger share of the rent costs
All these big numbes being thrown around just makes me bullish on crypto
Same - there’s still a lot of power players that are still all in on crypto.