Chain News Daily Today TheBitTimes.com

BitGo ’s attempted acquisition of Prime Trust has joined the long list of Crypto buyouts that are announced and end up failing, according to a tweet from BitGo ’s Twitter account. The company recently had a lawsuit against Galaxy Digital related to a failed acquisition dismissed in court. Meanwhile, Prime Trust has had to stop both withdrawals and deposits of fiat and cryptocurrency due to action by state regulators. This acquisition was originally announced just over two weeks ago, as Prime Trust was experiencing issues and reportedly needed to delay client withdrawals. After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets. — BitGo (@BitGo) June 22, 2023 Read more: Prime Trust delays withdrawals, spooks Binance US, Swan users amid acquisition Prime...

BitGo filed the lawsuit against Galaxy Digital back in September last year following the failure of the latter to make good on the deal to acquire the former for $1.2 billion as agreed earlier. The latter firm backtracked on the deal at the time on account that BitGo failed to share its audited financial records as of July 31 last year. The period of the negotiations also coincided with the heat of the crypto winter that saw the collapse of top crypto platforms including Celsius Network and Voyager Digital which fueled cautionary investments amongst firms. With the expectations the deal generated, BitGo sued the Mike Novogratz led firm for more than $100 million in damages. With the ruling, Galaxy Digital will no longer be liable to pay any damages and it will be able to focus on its business moving forward. “We’re pleased with the court’s decision to dismiss BitGo’s claims. Now is the time for all of us to work together and focus on the task at hand: Upgrading the global financi...