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BitGo’s $100M suit against Galaxy can proceed — Delaware Supreme Court

May 25, 2024 Coin Telegraph

BitGo

After being dismissed by the Delaware Court of Chancery in 2023, the state’s supreme court ruled the definition of the merger agreement between BitGo and Galaxy was “ambiguous.”

Delaware’s Supreme Court has reversed a ruling from a lower court that dismissed a $100 million lawsuit brought by BitGo against Galaxy Digital following a failed acquisition.

In a May 22 filing, the Supreme Court of the State of Delaware said language in the BitGo-Galaxy Digital $1.2 billion merger agreement — which the latter terminated in August 2022 — was “ambiguous.” The state supreme court concluded that it would reverse the Delaware Chancery Court’s decision “for the consideration of such extrinsic evidence as may be appropriate to resolve this ambiguity.”

The successful appeal, first submitted on Feb. 7, would seemingly allow BitGo another bite at the apple to file suit against Galaxy Digital. In an August 2022 lawsuit, the firm alleged Galaxy committed an “intentional breach” of the acquisition agreement. Galaxy claimed at the time that it was within its rights to drop the deal after BitGo failed to deliver audited financial statements from 2021.

Rain exchange suffered $14.1M in suspicious outflows 2 weeks ago — ZachXBT

May 13, 2024 Coin Telegraph

Rain exchange suffered .1M in suspicious outflows 2 weeks ago — ZachXBT

BitGo

Several wallets reportedly belonging to Rain sent suspicious token transfers to a new address.

The Rain cryptocurrency exchange was “likely exploited” on April 29 when $14.1 million worth of Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP was transferred to a new wallet under suspicious circumstances, according to a May 13 report from on-chain sleuth ZachXBT. The report comes two weeks after the reportedly suspicious transactions took place.

Rain is a centralized crypto exchange headquartered in Bahrain. It specializes in serving customers from Southwest Asia and the Middle East. According to regional news site The National, Rain has recorded over $1 billion in trading volume since its inception.

ZachXBT’s official Telegram channel reported that the transferred funds “were quickly transferred to instant exchanges and swapped for BTC and ETH” before being deposited to two destination addresses on the Bitcoin and Ethereum networks. The Ethereum address, which ends in 6c28, is currently holding approximately 1,881 ETH, worth $5.5 million at the current price. The Bitcoin address, which ends in prp2, is holding ‎137.9 BTC, worth $8.6 million at the current price.

Another Round of Spot Bitcoin ETF Rejections Coming, According to BitGo CEO Mike Belshe – Here’s Why

November 20, 2023 The Daily Hodl

US crypto custody firm BitGo wins BaFin license in Germany: Report

November 1, 2023 Coin Telegraph

BaFin

BitGo originally announced it was setting up two regulated custodial entities in Germany and Switzerland in February 2020.

Major cryptocurrency custody firm BitGo is reportedly expanding its regulatory compliance in Germany more than three years after launching a dedicated local subsidiary.

BitGo has obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), according to a Nov. 1 report by Finance Magnates. The firm has been storing crypto assets like Bitcoin (BTC) for its clients since 2019 under the supervision of BaFin as part of a transitional regime, the report notes.

The German license secures BitGo's presence in the European market and is an important milestone for BitGo, BitGo Europe managing director Dejan Maljevic said.

“BaFin is recognized as one of the world’s key trendsetters in crypto regulation,” Maljevic noted, adding that the license “enables the progress that digital currencies entail while creating a secure regulatory framework.”

BitGo and BaFin have not yet responded to Cointelegraph’s request for comment.

Headquartered in Palo Alto, California, BitGo originally set up two regulated custodial entities in Germany and Switzerland in February 2020. BitGo’s German subsidiary, BitGo Deutschland GmbH, immediately started providing custody services in Germany and was expected to apply for regulatory approval in November 2020.

BitGo then secured a New York Trust license in March 2021, which allowed the firm to operate as an independent custodian in the state.

The news comes shortly after BitGo raised $100 million in a Series C financing round in August 2023, bringing the company’s valuation to $1.75 billion. Backed by major investment firms like Goldman Sachs and Galaxy, BitGo reportedly initiated discussions regarding at least two prospective deals using the new funding.

BitGo’s regulatory milestone in Germany is another sign of growing cryptocurrency adoption in the country. According to an October 2023 report by Chainalysis, Germany is the second largest cryptocurrency economy in the Central, Northern and Western Europe region after the United Kingdom.

BitGo CEO Warns Bitcoin (BTC) Could One Day Be Replaced by Something ‘Materially Better’ – Here’s Why

September 28, 2023 The Daily Hodl

BitGo

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