TechFlow News, May 22: According to Bloomberg, Galaxy Digital founder and billionaire Michael Novogratz faced off in court this week with BitGo Holdings CEO Mike Belshe in a four-year-long merger dispute. BitGo is seeking at least $100 million in breach-of-contract damages from Galaxy, stemming from Galaxy’s $1.2 billion acquisition proposal in 2021—the largest merger deal in cryptocurrency industry history—which ultimately collapsed due to the cryptocurrency market downturn.
BitGo alleges that Galaxy failed to use reasonable efforts to consummate the transaction and concealed details regarding an investigation by U.S. authorities—a probe that could have materially impacted the merger’s completion.
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