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šØ Galaxy Digital Under Fire for Terra Promotion ā Legal Battle Begins! šØ
The New York State Attorney General (NAYG) has launched a legal case against Galaxy Digital, citing violations of the Martin Act, a powerful anti-fraud law. The lawsuit alleges that Galaxy Digital engaged in deceptive promotional activities related to Terra (LUNA), leading to a $200 million settlement agreement.
According to legal filings, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount in 2020, later promoting and selling them without proper disclosures. Critics, including SkyBridge Capitalās Anthony Scaramucci, argue that this is an unfair use of the legal system, calling it āLAWFARE.ā
Defending Galaxyās CEO, Michael Novogratz, Scaramucci stated that Novogratz genuinely believed in Terra, as he too had been misled by Terraform Labs and Do Kwon. The lawsuit also claims that Galaxy Digital played a key role in driving LUNAās price from $0.31 in 2020 to $119.18 in 2022, before its collapse.
With increasing regulatory scrutiny, this case could set a major precedent for crypto companies involved in past promotions. Could this be a turning point for crypto regulations?
#GalaxyDigital #Terra #LUNA #CryptoLaw #MartinAct #CryptoNews
The New York State Attorney General (NAYG) has launched a legal case against Galaxy Digital, citing violations of the Martin Act, a powerful anti-fraud law. The lawsuit alleges that Galaxy Digital engaged in deceptive promotional activities related to Terra (LUNA), leading to a $200 million settlement agreement.
According to legal filings, Galaxy Digital acquired 18.5 million LUNA tokens at a 30% discount in 2020, later promoting and selling them without proper disclosures. Critics, including SkyBridge Capitalās Anthony Scaramucci, argue that this is an unfair use of the legal system, calling it āLAWFARE.ā
Defending Galaxyās CEO, Michael Novogratz, Scaramucci stated that Novogratz genuinely believed in Terra, as he too had been misled by Terraform Labs and Do Kwon. The lawsuit also claims that Galaxy Digital played a key role in driving LUNAās price from $0.31 in 2020 to $119.18 in 2022, before its collapse.
With increasing regulatory scrutiny, this case could set a major precedent for crypto companies involved in past promotions. Could this be a turning point for crypto regulations?
#GalaxyDigital #Terra #LUNA #CryptoLaw #MartinAct #CryptoNews
š„ Scaramucci calls the NAYG lawsuit against Galaxy "lawfare, pure and simple!" āļø Another exec even had to look up the Martin Act on ChatGPT!
#Crypto #Scaramucci #MartinAct
#Crypto #Scaramucci #MartinAct
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