Galaxy Digital to pay $200M over Terra promotion fallout ⚖️
Michael Novogratz's Galaxy Digital will pay $200 million to settle allegations related to its promotion of Terra (LUNA), a cryptocurrency that has since collapsed.
Authorities accused Galaxy of acquiring LUNA tokens at a discount, promoting them, and selling without proper disclosures. Affected by false claims, such as the Terra blockchain being used by the Chai app, the firm is under scrutiny.
Terra and its stablecoin, TerraUSD, experienced a dramatic collapse in May 2022, which caused a market turmoil. This led to a broader cryptocurrency market downturn, revealing the flaws in algorithmic stablecoins.
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