Hey Waivly Crew! 🌊 BitGo is seeking $100 million or more in damages from Galaxy Digital for backing out of a deal to acquire it. Samsung has announced the launch of the Odyssey Ark, the world's first 55-inch 4K curved display.
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Galaxy Digital terminates $1.2B BitGo acquisition
Crypto investment firm Galaxy Digital has cancelled its $1.2 billion acquisition agreement with digital asset custodian BitGo.
Galaxy terminated the deal after the San Francisco-based startup missed a July 31st deadline to deliver audited financial statements for 2021 that comply with the requirements of the agreement, according to a Monday press release. Galaxy will not have to pay a termination fee.
Mike Novogratz, CEO, and Founder of Galaxy stated, “Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,”
BitGo has disputed Galaxy Digital’s claim, saying the expiry on the deal was until December 31st “at the earliest” and that it failed to pay out a $100 million reverse break fee "promised back in March 2022 in order to induce BitGo to extend the merger agreement."
“The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” said R. Brian Timmons, a partner with Quinn Emanuel, the law firm BitGo has hired.
Timmons pointed to Galaxy's $554 million loss during Q2, in addition to its stock performing poorly and the company being distracted by the Terra Luna crash.
"Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more,” he added.
Samsung unveils 55-inch curved gaming monitor
Samsung yesterday announced the launch of the Odyssey Ark, the world's first 55-inch 4K curved display.
Priced at $3,500, the Odyssey Ark features mini-LED technology with 1000R curvature and is rotatable, which offers a "new level of immersion." “Flex Move Screen” allows users to adjust the screen size, change the screen position and even switch the screen ratio between 16:9, 21:9, and 32:9.
The display offers an impressive 165Hz refresh rate and a 1ms response time with AMD FreeSync Premium Pro to give gamers a competitive edge in fast-moving environments.
“We are excited to unveil this totally unique, next-generation gaming screen, the Odyssey Ark. This 55-inch 1000R curved gaming screen brings together premium, cinematic picture quality, immersive surround sound and an incredibly flexible interface which gamers increasingly demand,” said Hyesung Ha, Executive Vice President of Visual Display Business at Samsung Electronics. “The gaming community craves new experiences and Odyssey Ark delivers access to a new world of gaming that will raise standards across the entire industry.”
Samsung is using its Neural Quantum Processor Ultra to upscale content to 4K, which it claims is powered by data from 20 neural networks. The Ark features a total of six speakers (one in each corner and two woofers in the back) to deliver a rich sound. Dolby Atmos is also supported to enhance the surround sound experience.
Samsung's Odyssey Ark is available for pre-order now. Potential customers can receive up to $300 off the $3,499.99 retail price before sales go live in early September.
The Waves
💰 Dragonfly acquires MetaStable Capital
🖼️ Vitalik Buterin proposes method for private NFT ownership
🚀 Ethereum rallies past $2,000 as the Merge approaches
👏 Revolut granted Cyprus crypto licence
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