A legal dispute between Galaxy Digital and crypto custody firm BitGo is heading to court over a $100 million claim stemming from a failed acquisition. Galaxy, led by Mike Novogratz, walked away from its planned purchase of BitGo in 2022, citing BitGo's alleged failure to deliver audited financial statements for 2021. BitGo subsequently pursued damages, claiming the withdrawal breached their agreement. The case highlights the contractual and financial tensions that emerged across the crypto industry during the 2022 market downturn, when several high-profile deals collapsed. The Bloomberg-reported court proceedings put two significant players in the institutional crypto space directly at odds, with the $100 million figure reflecting the termination fee written into the original acquisition agreement.
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