Crypto Hedge Fund Galaxy Digital Reveals $76,800,000 Exposure to FTX Collapse

Crypto asset supervisor Galaxy Digital has revealed that it has tens of thousands and thousands of {dollars} price of publicity to embattled crypto trade FTX.

In a brand new quarterly monetary replace, Galaxy Digital says it has an publicity of about $76.8 million of money and digital belongings to FTX, $47.5 million of which it’s at the moment making an attempt to withdraw.

“Replace on Publicity to FTX: On November 8, 2022, FTX, a digital asset trade on which the Partnership holds money and digital belongings, introduced that it entered right into a non-binding association with Binance to offer liquidity.

As of the date of this submitting, the Partnership has an publicity of roughly $76.8 million of money and digital belongings to FTX, of which $47.5 million is at the moment within the withdrawal course of.”

At a current firm earnings name, Galaxy Digital CEO Mike Novogratz says that the tentative settlement between Binance and FTX marks a pivot for the crypto trade.

“This can be a very younger and new trade and a part of the rising pains is hunting down the dangerous actors, the excesses, and pivoting in the direction of one thing that’s extra trusted.

We’ve had two, three, 4 episodes within the final 12 months which have actually dented the momentum of this base… Galaxy has a task to play and [a] superb function to play as a robust, clear, extra risk-managed centered establishment.”

Galaxy Digital’s earnings report additionally unveils a complete internet lack of $68.1 million for Q3 2022. Within the prior yr interval, the agency posted a $517.9 million achieve.

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