The filing states:“Ultimately, Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022, while profiting in the hundreds of millions of dollars.“As part of the settlement agreement, Galaxy will pay $200 million in monetary relief over three years: $40 million within 15 days, another $40 million within one year, and two additional payments of $60 million due within the second and third years, respectively.
Michael Novogratz’s crypto investment firm Galaxy Digital agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA)According to New York Attorney General’s Office documents filed on March 24, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount, then promoted them before selling them without abiding by disclosure rules.
Source: Galaxy DigitalRelated: Terra’s Do Kwon’s US court hearing delayed as prosecutors review a swath of new evidenceTerra’s collapse and market falloutTerra and its algorithmic stablecoin, TerraUSD (UST), both experienced a dramatic collapse due to a breakdown in the mechanism designed to maintain UST’s peg to the US dollar back in May 2022.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Adrian Zmudzinski
The story "Galaxy Digital to pay $200M over Terra promotion fallout" has 451 words across 18 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Galaxy Digital to pay $200M over Terra promotion fallout" was covered 4 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 47 news stories per day.
It's most recent story was published 10 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
