Galaxy Digital Faces Legal Battle Over Failed $1.2 Billion Acquisition

Galaxy Digital founder Michael Novogratz and BitGo Holdings CEO Mike Belshe are engaged in a legal confrontation this week over a four-year merger dispute, according to ChainCatcher. BitGo is demanding at least $100 million in damages from Galaxy, following the collapse of a proposed $1.2 billion acquisition in 2021, which was set to be the largest in the crypto industry at the time. BitGo alleges that Galaxy failed to make reasonable efforts to complete the deal and concealed details of investigations by U.S. authorities that could have significantly impacted the merger's completion.