The drop in the value of cryptocurrencies since the second half of last year has reverberated in the courts as well. According to him, he has more than 100 million dollars Reuters Pay Galaxy Digital Holdings Ltd. To undo the $1.2 billion acquisition of BitGo. She is suing the US Court of Delaware for damages.
Galaxy pulled out of the billion-dollar deal after finding itself in a bind as a result of the collapse in the value of cryptocurrencies. But it cited BitGo’s failure to provide audited financial statements for 2021 by July 31 as a reason to terminate the deal.
The lawsuit states that “Galaxy’s decision to prematurely abandon the merger with BitGo has nothing to do with BitGo’s financial statements and everything related to Galaxy’s massive losses.” Galaxy disagrees with these claims.
Galaxy announced the giant deal last May, when demand for the digital asset crossed the $55,000 mark.
However, after a few months, the cryptocurrency lost its value. On Thursday, Bitcoin was trading at less than $20,000. Galaxy announced a loss of $ 554 million for the second quarter of this year. But he asserts that he has more than $1 billion in cash ready and still intends to go public on the Nasdaq.
