At a glance

  • DWF Maas and Falcon Digital are seeking $141 million from BitGo in London’s High Court, according to the Financial Times.
  • BitGo has not responded publicly in the reports we reviewed, and the allegations are untested in court.

DWF Maas, based in the British Virgin Islands, and Falcon Digital, based in Panama, allege BitGo breached the terms of private token sales by selling Falcon Finance (FF) and ESPORTS tokens before the agreed lock-up periods ended, the Financial Times reported on Friday. The FT’s report was paywalled; we have relied on its summary by CoinDesk, Crypto Briefing and Law360’s headline.

The tokens were sold to BitGo at a discount in exchange for a three-month lock-up and further vesting limits, according to the reports. “The discount BitGo received was conditional on the tokens remaining locked, and they were moved to exchanges roughly two months before the first unlock,” DWF said, as quoted by CoinDesk.

DWF said it raised the issue with BitGo in April and May and went to court when no undertaking was given, CoinDesk reported. The claim says the sales flooded a thin market and cut the value of the tokens the two companies still held, according to Crypto Briefing.

The reports cite price moves over the period. FF fell from about 8 cents in early March to about 7 cents by late April, and ESPORTS from about 28 cents in mid-March to about 7 cents by early June, the reports say.

The claim amount differs between outlets. The FT, Law360, Crypto Briefing and crypto.news give $141 million. CoinDesk’s text says $114 million while its headline says $141 million; we use $141 million, the figure in most reports, and have not seen the court filing.

BitGo, the US-listed custodian, was one of five crypto firms the Office of the Comptroller of the Currency conditionally approved for national trust bank charters on 12 Dec 2025, as we noted in our coverage of the OCC charter challenge. CoinDesk said neither DWF nor BitGo had responded to its request for comment.

CoinDesk also noted that DWF bought $25 million of WLFI tokens last year, the native asset of World Liberty Financial; see our report on WLFI’s USD1 and Mesh. The reports do not link WLFI to the lawsuit.

This article is for information only and is not investment advice.