In a confusing development, two prominent prominent persons expressed contradictory opinions about the settlement deal between the Galaxy Digital and the New York Prosecutor’s Office (NYAG). On March 28, it was revealed that the encryption investment company, led by Michael Novuzratz, has concluded agreements to pay a fine of $ 200 million to New York State due to the promotion of the Terra symbol (Luna), which has now ended.
in Ensuring the stopping statement, NYAG reported that Galaxy Digital bought 18.5 million Luna from Terraform Labs under the leadership of Do Kwon with a discount of 30 % of the market price in 2020.
Unfortunately, the Luna Market in May 2022 is disrupted and it is about $ 40 billion in investments from the encryption market. NYAG explains that the Galaxy Digital behavior in the promotion of Luna is associated with not disclosing sale actions that violate the Martin Law in New York and certain sections of the New York executive law.
SCARAMUCCI says the issue against Galaxy Digital is simply Lawfare
In response to the news of the Galaxy Digital settlement with NYAG, the founder of Skybridge Capital and the famous Bitcoin lawyer Anthony Skramuchi He expressed his strong dissatisfaction. Scaramuccci supported Michael Novogratz and Galaxy Digital, where I stated that their Luna promotional shows were based on the information and assurances provided by Terraform Labs.
The former CEO of Goldman Sachs described the recent procedures that NYAAG has been using legal systems to intimidate a company or entity.
Scaramuccci said:
This has no meaning and does not fully contradict SEC and DOJ who follow action against Do Kwon and Terraform. It is pure and simple Lawfare due to the mysterious New York law, but it is dangerously strong known as Martin’s Law. The law does not need to prove the intention to create a low level of proof that can open the door to abuse such as this. It should not be present.
However, Mike Plashy, CEO of Crypto ExchandE Bitgo, has, bidder With Scaramucci stating that NYAG has provided a reliable condition dependent on the pump and discharge pattern seen in the Galaxy Digital movement. While Belshe runs against excessive organization as shown in the fine of the huge punishment imposed, it emphasizes the need for appropriate behavior between the leaders of the encryption market led by the organization based on the principle.
Overview of the encryption market
In other news, the encryption market value is $ 2.65 trillion after a decrease of 2.17 % last week. Bitcoin is still the pioneer in the market with the dominance of 61.2 %, followed by ETHEREUM (8.2 %) and other altcoins (30.5 %).
Distinctive image from SPORTSFILE, tradingvief chart
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