Galaxy’s Novogratz speaks in court over failed $1.2B BitGo deal: Report

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Mike Novogratz, pictured in 2018 at a conference in Hong Kong, has appeared in court over a failed merger with BitGo. Source: RISE He also said Galaxy was not the subject of the probe and it would not have affected the merger, while BitGo did not provide the needed financial information in time, forfeiting its right to a $100 million termination fee. Related: On-Chain, In Court: What happened in crypto legal news this week BitGo bargained for the termination fee, including a deadline to hand over financial statements, but that was complicated by the SEC’s accounting rules requiring companies to record customer crypto holdings as liabilities. “This was incredibly damaging,” Belshe testified on Monday, claiming that BitGo had provided all the needed information. “Galaxy is telling the world we can’t pass an audit.” The trial is set to end this week, and a judge will decide whether BitGo should receive the $100 million fee. Magazine: Guide to the top and emerging global crypto hubs: Mid-2026 More on the subject

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