BitGo says it will seek over $100 million after Galaxy moves to end acquisition

BitGo says it will seek over $100 million after Galaxy moves to end acquisition

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BitGo says it will seek over $100 million after Galaxy moves to end acquisition

The Block2 months ago
GalaxyGalaxy
Published on August 15, 2022 16:59 GMT+00:00edited on August 16, 2022 14:39 GMT+00:00

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BitGo has hit back against Galaxy Digital, which announced earlier Monday the termination of its plan to acquire the crypto custody firm.

In a statement shared with The Block, BitGo said it "intends to take legal action against Galaxy Digital for its improper decision to terminate the merger agreement with BitGo, which was not scheduled to expire until December 31, 2022, at the earliest and to not pay the $100 million reverse break fee it had promised back in March 2022 in order to induce BitGo to extend the merger agreement."

BitGo has retained the law firm Quinn Emanuel, according to its press statement. “The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” partner R. Brian Timmons said in a statement.

BitGo said it would either seek the $100 …