Exodus sues W3C and CEO to complete $175M acquisition

Cryptocurrency wallet provider Exodus (EXOD) has filed a lawsuit against W3C and its CEO, Garth Howat, to finalize a $175 million acquisition deal agreed upon last November, CoinDesk reported. The suit aims to compel Howat to fulfill his obligations under the stock purchase agreement. According to the lawsuit, Howat and W3C received an $80 million loan from Exodus, with $10 million paid directly to Howat. Howat later claimed that the loan did not need to be repaid. Exodus alleged that Howat and W3C are engaged in a blatant and improper scheme to avoid closing the transaction. The company also claimed that they falsified dates on documents submitted to government authorities and unilaterally fired the CEO and CFO—an action prohibited by their agreement—in an attempt to replace them with their own associates.