Galaxy Digital Didenda $200 Juta atas Manipulasi dan Penipuan Luna
Galaxy Digital Fined $200M for Luna Manipulation and Fraud https://cryptonews.com/news/galaxy-digital-fined-200m-for-luna-manipulation-and-fraud/

Galaxy Digital Fined $200M for Luna Manipulation and Fraud

Galaxy Digital Holdings Ltd. has been fined $200 million by the New York Attorney General's Office (OAG) for its alleged market manipulation of the cryptocurrency Luna. The investigation found that Galaxy engaged in deceptive trading practices, promoting Luna while secretly offloading its holdings. This maneuver resulted in substantial profits for the company without disclosing its actions to the public.

The OAG's investigation concluded that Galaxy's actions constituted fraud, deception, and market manipulation, violating state securities laws. The case has raised critical questions about transparency, accountability, and the role of institutional players in the crypto market.

According to the OAG's findings, Galaxy acquired 18.5 million Luna tokens from Terraform Labs at $0.22 per token in October 2020. Shortly after, the company began publicly endorsing Luna, falsely promoting its adoption in real-world payments through the Chai application. Galaxy continued to aggressively offload its holdings as retail investors, influenced by the hype, drove Luna's price higher.

The investigation also found that Galaxy's CEO, Michael Novogratz, made public statements reinforcing Luna's legitimacy, including comparisons to Bitcoin and Ethereum. Meanwhile, behind the scenes, the company was liquidating its holdings, securing hundreds of millions in profits.

Galaxy's actions have had repercussions beyond financial penalties. The OAG's investigation has prompted the SEC and other regulatory bodies to intensify their oversight of crypto firms, particularly regarding transparency in token sales and promotional practices. The case has also accelerated discussions about classifying cryptocurrencies as securities and the ethical standards of KOLs (Key Opinion Leaders) in the crypto space.