Galaxy Digital agrees to $200 million settlement over alleged LUNA manipulation

Mar 28, 2025 - 16:45

A January 2022 tweet by Mike Novogratz, with a photo of his shoulder sporting a fresh tattoo of a wolf howling in front of a moon with a banner reading

While many crypto firms have escaped enforcement actions from federal regulators thanks to massive industry lobbying, state enforcers are still on the beat. Crypto investment firm Galaxy Digital, headed by Mike Novogratz, has agreed to pay $200 million to settle market manipulation charges from the New York Attorney General, which accused Novogratz and his firm of promoting the token without disclosing they had acquired discounted tokens they were selling off at substantial profit.

In addition to promoting the token through the usual means, Novogratz got a large tattoo on his shoulder representing the token. Sadly for him, although the LUNA token would later fade away after crashing in spectacular (and fraudulent) fashion, tattoos are forever.

"Galaxy Digital Settles with NYAG for $200 Million Over Luna Ties" , Wall Street Journal