Galaxy Digital, as alleged in the settlement with the NYAG, bought LUNA in 2020 and played a key promotional role in boosting its price from $0.31 to $119.18 while quietly selling millions of tokens at a profit without disclosing its intent to sell

Event date

Dec 31, 2019 - 10:00pm

Quotes that support claims

The settlement, outlined in a filing from the NYAG, claims Galaxy bought LUNA in 2020. At the same time, it promoted and sold its holdings without disclosing its intent to sell, thereby violating the Martin Act and New York Executive Law, according to the NYAG. In the settlement agreement, the regulator says Michael Novogratz was among LUNA’s most vocal supporters, admitting in a moment that Galaxy “helped ‘kickstart’ interest in Luna through its marketing efforts.”

Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022.”

Ultimately, Galaxy helped a little-known token increase its market price from $0.31 in October 2020 to $119.18 in April 2022, while profiting in the hundreds of millions of dollars,” the NYAG claims.