Galaxy Digital founder Michael Novogratz and BitGo CEO Mike Belshe are in court this week over their failed $1.2 billion merger deal from 2021. BitGo is demanding at least $100 million in termination fees, alleging Galaxy did not make reasonable efforts to complete the transaction and concealed regulatory investigations related to Luna. Galaxy counters that these investigations did not affect SEC approval processes and claims BitGo failed to provide timely audited financial statements, thus forfeiting its right to the termination fee. The merger was initially intended to facilitate a Nasdaq listing but was derailed by changes in SEC accounting guidance and the market liquidity crisis following the Terra/Luna collapse.