Michael Novogratz’s Galaxy Digital Settles Lawsuit Over Alleged LUNA Price Manipulation for $200 Million
The firm at the heart of the suit, Galaxy Digital, has reached a settlement over allegations that it manipulated the price of the LUNA cryptocurrency. In a lawsuit filed by the state of New York, it was charged that Galaxy Digital engaged in activities that helped to artificially inflate the price of LUNA in 2020—a boom that helped enrich Novogratz personally, as his firm’s assets were heavily invested in the revelatory altcoin. The state sought $500 million in damages; under the just-announced terms of the settlement, Galaxy will pay $200 million and concede no wrongdoing. Allegations of Price Manipulation and the October 2020 Deal Galaxy Digital and its founder, Michael Novogratz, are alleged to have engaged in shady practices surrounding their 2020 purchase of LUNA tokens from the Terra blockchain project, @terra_money. According to court documents, the company bought 18.5 […]