Listed cryptocurrency firm Exodus Movement (EXOD) is suing W3C, the parent company of crypto card and payments specialists Baanx and Monovate, and its chief executive, Garth Howat, to complete its $175 million acquisition of W3C, agreed in November of last year.

A lawsuit in the Delaware Court of Chancery seeks to compel Howat to comply with obligations under the November 24, 2025 Stock Purchase Agreement.

Howat and W3C accepted $80 million worth of loans from Exodus upon signing the deal, with $10 million given to Howat personally, who then declared that they did not need to repay these loans, according to the lawsuit.

“Defendants Garth Howat and W3C are engaged in a blatant, reckless, and improper campaign to escape closing a…