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(Reuters) — Galaxy Digital Holdings Ltd., a crypto financial services company, should pay at least $100 million in damages for walking away from its $1.2 billion takeover deal for BitGo Inc., the digital asset custodian said in a court filing made public Thursday.
Galaxy ended the takeover, the first billion-dollar crypto deal, because it was reeling from the collapse of digital currencies but blamed BitGo's accounting, according to the lawsuit by BitGo that was filed Tuesday under seal.
“Galaxy’s decision to abandon the merger with BitGo prematurely had nothing to do with BitGo’s financial statements and everything to do with Galaxy’s massive losses,” said BitGo's complaint, which was filed in Delaware's Court of Chancery.
The lawsuit seeks at least $100 million in damages for Galaxy's alleged breach of the takeover deal.
Galaxy said it would seek to have the lawsuit dismissed.
Galaxy said in August it was terminating the takeover because BitGo failed to deliver audited 2021 financial statements by a July 31 deadline.
Galaxy announced the deal in May 2021, when a frenzy for digital assets sent bitcoin to more than $55,000.