Loan & DebtApr 28, 2026, 07:22 AM
EXOD Appoints Receivers for W3C Subsidiaries After $70M Loan Default
AI Summary
Exodus Movement, Inc. appointed Receivers in the UK for Monavate Holdings Limited, Monavate Ltd, and Baanx.com Ltd, subsidiaries of W3C Corp. This action follows W3C's default on a $70 million secured loan from Exodus. Exodus had previously declared the loans payable on demand and demanded immediate repayment, which W3C failed to provide. The appointed Receivers from AlixPartners will conduct a sale of the pledged shares, and Exodus intends to participate as a bidder to protect its shareholders.
Key Highlights
- Exodus appointed Receivers for Monavate Holdings, Monavate Ltd, and Baanx.com Ltd.
- Action follows W3C Corp's default on a $70 million secured loan from Exodus.
- Exodus declared the loans payable on demand on April 13, 2026.
- W3C failed to repay the loan by the April 27, 2026 deadline.
- Receivers from AlixPartners will conduct a sale of the pledged shares.
- Exodus intends to participate as a bidder in the sale process.
- CEO stated action protects shareholders; no change for Monavate/Baanx customers.