Anthony Scammochi, the American financier and founder of the alternative investment company, criticized Skybridge Capital, the office of the New York State Prosecutor (NYAG) for his arrival after Galaxy Digital, a Blockchain financial services company owned by his friend, Mike Novgersat.
On Friday tweetScaramucci insisted that NYAG’s lawsuit against Galaxy Digital is a misuse of the law due to Martin’s law. Martin Law is the New York Law that gives the Public Prosecutor the authority to take legal action against financial fraud cases without proving intention.
NYAG case against Galaxy Digital
On March 28, nyag unveil The documents that the Galaxy Digital claimed strengthened Luna (Luna) that was now moving, issued by the Terraform Labs, developed behind the besieged ecological system.
NYAG claimed that Galaxy bought 18.5 million colors with a 30 % discount, and was promoted and sold without appropriate disclosure. While promoting Luna, Novoghatz got a Luna tattoo after the price of cryptocurrencies reached $ 100 in December 2021. Although Galaxy bought Luna at $ 0.31 in October 2020, the company benefited from hundreds of millions of dollars from selling symbols before Terra eventually exploded in May 202.
“Galaxy’s behavior, including its distortion and negligence about Luna while selling Luna simultaneously and failed to reveal its present intention at that time, was formed violations of Martin Law and the violations of the New York Executive Law Section 63 (12)”, NYAG was identified.
In an attempt to settle the case, Galaxy agreed to pay New York State $ 200 million as a three -year disagreement. The company will pay $ 40 million in the first fifteen days, 40 million dollars within one year, 60 million dollars within two years, and 60 million dollars within three years.
Opening the door to misuse of the law
In response to NYAG’s actions, Scaramucci insists that everything said Galaxy and Novogratz at all about Luna was dependent on the deception committed by Terraform Labs and its founder, Do Kwon, who has a sign of “real bad actors”.
The founder of Skybridge Capital said that the lawsuit is meaningless because it is completely inconsistent with the American Securities and Stock Exchange Committee and the Ministry of Justice, which is participating in a legal battle against KWON and Terraform Labs.
SCARAMUCCI also argued that the Martin Law, which is alleged NYAG, which is used by Galaxy, creates a low level of proof that can lead to the abuse of the law, as it appears in the case of Galaxy Digital.
“It should not be present,” the financier emphasized.
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