Galaxy and BitGo hold court hearing over $100 million merger termination fee dispute

ChainCatcher news, according to Bloomberg, Galaxy Digital founder and billionaire Michael Novogratz and BitGo Holdings CEO Mike Belshe faced off in court this week over a four-year-long merger dispute. BitGo is demanding that Galaxy pay at least $100 million in damages for breach of contract, stemming from Galaxy's proposed $1.2 billion acquisition in 2021—which, at the time, was the largest merger deal in the crypto industry—that ultimately fell through due to the collapse of the crypto market. BitGo accuses Galaxy of failing to make reasonable efforts to close the deal and of concealing details of investigations by U.S. authorities, which could significantly impact the completion of the merger.