BitGo to sue Galaxy Digital for $100M over dropped acquisition
Cointelegraph
Published Aug 15, 2022 05:25PM ET
Updated Aug 16, 2022 08:00PM ET
Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement.
In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against Galaxy for not paying a “$100 million reverse break fee it had promised back in March 2022.”
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Written By: Cointelegraph
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