Trading

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.

Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox

Verify Worth Motion

Observe us on Twitter, Facebook and Telegram

Surf The Each day Hodl Combine

Verify Newest Information Headlines

&nbsp

Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses chances are you’ll incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/Fernando Cortes/AtlasbyAtlas Studio



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button