🚀 Crypto Drama Unleashed: NYAG vs. Galaxy Digital – Who’s the Real Villain? 😈

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So, picture this: two big shots in the crypto world are throwing shade at each other over a little tiff involving Galaxy Digital and the New York Attorney General’s Office (NYAG). 🎭 On March28, it was announced that Michael Novogratz’s playground, Galaxy Digital, had to cough up a cool $200 million to the State of New York. Why, you ask? For being a bit too enthusiastic about Terra (LUNA), which is now as extinct as the dodo.The NYAG, in their infinite wisdom, pointed out that Galaxy Digital snagged18.5 million LUNA tokens from Terraform Labs (led by the infamous Do Kwon) at a juicy30% discount back in2020. Then, like a seasoned influencer, Galaxy Digital supposedly hyped up the market, sending LUNA from a humble $0.31 in October2020 to a dizzying $119.18 in April2022, all while cashing out their stash. 💸But then, plot twist! The LUNA bubble burst in May2022, vaporizing a whopping $40 billion from the crypto market. The NYAG argues that Galaxy Digital’s cheerleading and secretive selling violated the New York Martin Act and a few other legal bits and bobs.

Scaramucci Says: “Galaxy Digital Got Played, Not the Other Way Around!”

Anthony Scaramucci, the guy who founded SkyBridge Capital and is a big Bitcoin fan, is not having it. He’s throwing his support behind Michael Novogratz and Galaxy Digital, claiming they were just going off the info Terraform Labs fed them.Scaramucci is calling the NYAG’s move “lawfare” – using legal muscle to bully companies. He’s all fired up, saying it’s a mismatch with what the SEC and DOJ are doing with Do Kwon and Terraform. “It’s LAWFARE, plain and simple, thanks to the Martin Act, a law so obscure yet so powerful it’s like a supervillain. No need to prove intent? That’s a recipe for abuse right there. It’s like giving a toddler a flamethrower,” Scaramucci rants.

But hold on, Mike Belshe, the head honcho at BitGo, isn’t buying Scaramucci’s outrage. He thinks the NYAG might actually be onto something, considering the whole pump-and-dump vibe of Galaxy Digital’s actions. Belshe’s all for keeping things chill in regulation land but stresses that crypto bigwigs need to act like adults and follow some basic principles.

And Now, Back to Our Regularly Scheduled Crypto Madness…

Meanwhile, in the land of digital gold and silver, the crypto market is chilling at a modest $2.65 trillion after a slight2.17% dip over the week. Bitcoin’s still the king with a61.2% dominance, followed by Ethereum (8.2%) and the rest of the altcoin gang (30.5%).

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2025-03-30 21:58