In the grand tapestry of financial endeavors, where the threads of fortune are woven with the finest silk of deception, a curious tale unfolds. Michael Novogratz’s vaunted Galaxy Digital, a beacon of crypto wisdom, has found itself in a rather amusing predicament. It seems they’ve agreed to part with a modest sum of $200 million, as if it were but a trifle, in a settlement with the ever-vigilant New York Attorney General’s office.
Allegations? What allegations? Why, the whispers that Galaxy Digital promoted the wondrous algorithmic cryptocurrency LUNA (LUNA) with one hand, while the other hand was busy selling millions of tokens for a tidy profit. A profit that, one might say, was as silent as the grave into which LUNA would soon fall.
The NYAG’s filing paints a picture of Galaxy as a cunning fox, buying LUNA in the year of our Lord 2020, and then, with a twinkle in its eye, selling without so much as a whisper of its true intentions. A violation of the Martin Act and New York Executive Law, no less! 🦊
In the agreement, it is noted that Mr. Novogratz was a champion of LUNA, his voice the loudest in the chorus of praise. Galaxy, it seems, was instrumental in “kickstarting” interest in LUNA, though one might argue their methods were… unorthodox.
While the world marveled at LUNA’s ascent, Galaxy was busy as a bee, selling “millions of tokens into the market at many multiples of its initial cost,” all without a peep about their selling spree. One must admire their stealth, if not their ethics.
Galaxy, it is said, bought 18.5 million LUNA tokens at a discount, only to sell them in tranches, reaping over $100 million by March 2022. By the time LUNA met its doom in May 2022, Galaxy had already fled the scene, leaving naught but dust in their wake. “Ultimately, Galaxy helped a little-known token increase its market price from $0.31 to $119.18, while profiting in the hundreds of millions,” boasts the NYAG. A triumph of marketing, indeed!
As part of the settlement, Galaxy will dispense $200 million over three years, beginning with $40 million in a fortnight. They’ve also agreed to implement policies to prevent such… enthusiasm in the future. As for public statements, Galaxy Digital remains as silent as the grave it helped dig for LUNA.
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2025-03-28 10:50