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Michael Novogratz's Galaxy Digital Settles $200M Lawsuit with New York AG Over LUNA Manipulation

Galaxy Digital, led by Michael Novogratz, has agreed to a $200 million settlement with the New York Attorney General's Office over allegations of manipulating the price of LUNA, the token associated with the collapsed Terra ecosystem
By: DeepNewz • March 28, 2025
Michael Novogratz's Galaxy Digital Settles $200M Lawsuit with New York AG Over LUNA Manipulation

Galaxy Digital, led by Michael Novogratz, has agreed to a $200 million settlement with the New York Attorney General's Office over allegations of manipulating the price of LUNA, the token associated with the collapsed Terra ecosystem. The settlement addresses claims that Galaxy promoted LUNA without disclosing its holdings and sales to the public, leading to significant profits.

The New York Attorney General's investigation found that Galaxy Digital engaged in misleading public statements and failed to disclose its sales of LUNA tokens while promoting them. This conduct violated New York laws, resulting in the substantial fine. Galaxy had purchased 18.5 million LUNA tokens in 2020 at a 30% discount, paying $0.22 per token.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.

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