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Terra (LUNA) Crisis Cost Galaxy Dearly: It Will Need to Make a Payment of 200 Million Dollars! - Coin Bulletin
Galaxy Digital made a $200 million deal with the New York Attorney General regarding the introduction of Terra (LUNA)
According to recent statements, Galaxy Digital has agreed to pay 200 million dollars in damages in the lawsuit it is conducting with the New York Attorney General. The firm made significant profits by not fully informing investors when introducing LUNA. However, this promotion led investors to make transactions without accessing accurate information. The New York Attorney General stated that this situation implies misleading guidance for investors.
This lawsuit faced by Galaxy Digital highlights that the lack of transparency in the cryptocurrency sector has become a significant issue. Investors conducting transactions without having accurate information may increase trust issues in the cryptocurrency market.
Calls for greater transparency and regulation are rising in the cryptocurrency world. This case serves as a significant warning for other firms. Regulators plan to implement stricter measures to prevent similar situations from occurring in the future.
This development may be an important turning point in terms of the steps to be taken for the cryptocurrency industry to become more reliable.