Exodus appoints UK receiver over W3C subsidiaries after $70M loan default

Exodus Movement, Inc.

Exodus loaned $70M to W3C under a secured term facility; W3C failed to repay on-demand after April 13, 2026 declaration.
Receivers appointed over shares of Monavate Holdings, Monavate Ltd, and Baanx.com Ltd pledged as collateral.
AlixPartners partners appointed as receivers; they will conduct a sale of the subsidiaries' shares.
Exodus intends to participate as a bidder in the sale process; customers and team members see no immediate changes.

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