Galaxy and BitGo go to court over failed merger, BitGo claims at least $100 million in damages

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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 that took place four years ago.

The report states that the deal was originally intended to facilitate the merged company's listing on the Nasdaq, but was subsequently terminated due to adjustments in SEC accounting guidelines and the market liquidity crisis triggered by the Terra/Luna collapse.

BitGo is demanding that Galaxy pay at least $100 million in termination fees and accuses Galaxy of not taking reasonable steps to advance the deal while concealing details of U.S. regulatory investigations. In response, Novogratz stated that Galaxy was not the subject of the investigation and claimed that BitGo lost its eligibility for the termination fee because it failed to submit the required financial statements on time. (Bloomberg)

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