Galaxy Pulled The Trigger on FTX


Galaxy pulled the trigger on FTX. Galaxy, the crypto-currency company founded by billionaire Michael Novogratz, announced that CEO Damien Vanderwilt will step down in mid-January, and the company removed its assets from the crypto-asset trading platform FTX, which has known financial problems.

Galaxy, which holds about $ 76.8 million in total revenue and digital assets on the FTX platform, said in the company’s third report that $ 47.5 percent of the money is the work that will be removed from the platform. FTX, which stopped withdrawing on Tuesday due to financial concerns, reached a non-binding agreement with Binance, which included the sale.

Galaxy, which made a profit last year, is losing money this year

Galaxy, which earned a profit of $517.9 million last year, believes it will lose $68.1 million this year due to unrealized losses on its previous investment, while the crypto-mining company of the company also reported a loss of $34.9 million in that quarter alone. . . . “As our company faces macroeconomic development and not transfer, Galaxy continues to focus on the future of Enterprise adoption by taking steps to change and streamline our work,” said Novogratz, CEO of the society.

The statement said the company managed $1.5 billion in assets as of September, including $1 billion in cash. The company, which had 375 employees worldwide in the second quarter, is looking at a 20% reduction in its workforce as digital marketing declines.

With crypto assets shrinking this year, big companies like Three Arrows Capital, Voyager Digital, and Celcius Network are failing, many companies are shrinking, and finally this week, it was revealed that FTX is have financial problems. , which raises fears that it no longer exists. crisis in the crypto industry.

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