Galaxy and BitGo Face Off in Court Over Failed Merger, BitGo Seeks at Least $100 Million in Damages

Odaily Planet Daily News Galaxy Digital founder Michael Novogratz and BitGo CEO Mike Belshe are currently engaged in litigation over a failed $1.2 billion merger deal from four years ago.

According to reports, the deal was originally intended to facilitate the combined company's listing on Nasdaq. However, it was subsequently terminated due to adjustments in SEC accounting guidance and market liquidity crisis triggered by the Terra/Luna collapse.

BitGo is demanding that Galaxy pay at least $100 million in termination fees and has accused Galaxy of failing to take reasonable steps to advance the transaction while concealing details of investigations by U.S. regulators. In response, Novogratz stated that Galaxy was not the subject of any investigation and claimed that BitGo had lost its eligibility to claim termination fees due to its failure to submit required financial statements on time. (Bloomberg)