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Galaxy Digital has reached a $200 million settlement with the New York Attorney General's Office over Terra ($LUNA) claims, Axios reports.
Mike Novogratz’s Galaxy Digital company has agreed to pay $200 million in settlement with the New York attorney general over allegations that it promoted and sold millions of tokens at a profit prior to $LUNA’s collapse.
The $200 million deal will be paid over three years, with the first $40 million to be paid within two weeks.
The New York Attorney General's Office accused Galaxy Digital of violating the Martin Act and the Executive Order by promoting $LUNA without disclosing its financial interests.
Galaxy Digital and its CEO Mike Novogratz allegedly played a role in inflating the price of $LUNA by selling it. According to the filing, Galaxy Digital earned over $100 million from the sales when it purchased 18.5 million $LUNA tokens at a 30% discount. However, it did not disclose these transactions when promoting $LUNA.
Mike Novogratz is also one of $LUNA's most important supporters, and Novogratz promised on social media that he would get a tattoo if the price of $LUNA exceeded $100. When this happened, he also shared his $LUNA tattoo.
*This is not investment advice.