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Home Business

NYAG Settles $200M with Galaxy Digital Over LUNA Sales

28 March 2025
in Business, News
Reading Time: 3 mins read
109 2
source: theblock.co

source: theblock.co

Galaxy Digital, the cryptocurrency investment firm led by Michael Novogratz, has reached a $200 million settlement with the New York Attorney General’s office.

This settlement follows allegations that the firm promoted the algorithmic cryptocurrency LUNA Terra while secretly profiting from the sale of millions of tokens. In line with typical legal procedures, Galaxy Digital neither admitted nor denied the accusations.

According to a filing by the New York Attorney General, Galaxy Digital acquired LUNA in 2020. During this period, the firm actively promoted the cryptocurrency, all while quietly selling its holdings without disclosing its intent to do so. This action allegedly violated the Martin Act and New York Executive Law, as per the NYAG’s claims.

The settlement also highlighted Michael Novogratz’s vocal support for LUNA, with the regulator noting that Galaxy Digital played a pivotal role in driving interest in the cryptocurrency through its marketing efforts, significantly contributing to LUNA’s early market momentum. Despite publicly expressing confidence in the token, Galaxy quietly sold millions of LUNA tokens at several times their initial cost without revealing this to the public.

Galaxy Digital reportedly purchased 18.5 million LUNA tokens at a discount, selling most of them in tranches and profiting over $100 million by March 2022. By the time LUNA collapsed in May 2022, Galaxy had already exited nearly all of its position. According to the NYAG, Galaxy played a key role in inflating LUNA’s market price from just $0.31 in October 2020 to $119.18 in April 2022, profiting in the hundreds of millions.

Under the terms of the settlement, Galaxy will pay the $200 million in installments over three years, with an initial $40 million payment due in two weeks. Additionally, the firm has committed to implementing new policies designed to prevent conflicts of interest, including conducting legal analyses of token investments and promotional statements. At the time of publication, Galaxy Digital had yet to issue a public statement regarding the settlement.

In a separate development, Steve Kurz, Global Head of Asset Management at Galaxy Digital, expressed an optimistic outlook for Bitcoin and the broader cryptocurrency market, stating that the U.S. government’s crackdown on crypto is “officially over.”

 

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Tags: Galaxy DigitalLunaNYAG
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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