Exodus Sues W3C and CEO Garth Howat Over $175 Million Acquisition Dispute
Crypto wallet firm Exodus sues W3C and its CEO Garth Howat, seeking to compel $175M acquisition
Coindesk
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Exodus Movement, a cryptocurrency wallet firm, has filed a lawsuit against W3C and its CEO Garth Howat in the Delaware Court of Chancery. The suit seeks to enforce a $175 million acquisition agreement from November 2025, alleging that Howat and W3C have failed to meet their obligations and engaged in improper financial practices.
- 01Exodus Movement is suing W3C and CEO Garth Howat to enforce a $175 million acquisition agreement.
- 02The lawsuit claims Howat and W3C accepted $80 million in loans but refused to repay them.
- 03Allegations include attempts to misappropriate funds from subsidiaries and falsifying documents.
- 04Exodus expects a swift resolution to the legal dispute.
- 05The case is being heard in the Delaware Court of Chancery.
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Exodus Movement, a cryptocurrency wallet firm, has initiated legal action against W3C and its CEO Garth Howat in the Delaware Court of Chancery, aiming to enforce a $175 million acquisition agreement from November 2025. The lawsuit alleges that Howat and W3C received $80 million in loans from Exodus, with $10 million allocated personally to Howat, who claimed these loans did not need repayment. The lawsuit accuses Howat and W3C of attempting to misappropriate funds from their subsidiaries, falsifying documents, and improperly dismissing board members and executives. JP Richardson, CEO of Exodus, expressed confidence in the binding agreement and anticipates a swift resolution to the matter.
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This lawsuit could significantly affect the operations and financial stability of both Exodus and W3C, potentially impacting their stakeholders and customers.
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