Galaxy Digital Wins Lawsuit Against BitGo
Galaxy Digital, an American cryptocurrency investment and asset management company, will prevail in its legal dispute with BitGo, a provider of custody services, without suffering any harm. The case was reportedly dropped, providing Galaxy Digital with the much-needed comfort on the matter.
BitGo sued Galaxy Digital in September of last year after the latter failed to complete the previously agreed-upon acquisition of the former for $1.2 billion. At the time, the latter company reneged on the agreement because BitGo refused to release its audited financial data as of July 31st, the previous year.
The conversations took place during the height of the cryptocurrency winter, which saw the demise of prominent platforms like Celsius Network and Voyager Digital and prompted businesses to make cautious bets. BitGo sued the company led by Mike Novogratz for more than $100 million in damages due to the expectations the deal raised.
With the decision, Galaxy Digital will no longer be required to pay any damages and can instead concentrate on growing its business.
(With inputs from Shikha Singh)
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