Galaxy Digital Reveals $76.8 Million Exposure To FTX

Michael Novogratz, a well-known investor, is the founder and CEO of the crypto-focused financial services company Galaxy Digital, which said on Wednesday that it owns around $76.8 million in cash and digital assets linked to the struggling cryptocurrency exchange FTX.

Galaxy announced that it is taking $47.5 million out of that total.

Damien Vanderwilt, co-President, will also leave his position in mid-January and join the board.

In the third quarter, the business reported a net loss of $68 million and assets under administration of approximately $2 billion, up 17% from the prior quarter.

Reduced values on some investments as a result of external market circumstances and increased operational costs for its mining operations as a result of asset impairments were the main contributors to the company’s losses. The firm had $1 billion in cash and $1.5 billion in liquid assets.

As Coincu reported, the company could lay off 15% to 20% of its workforce.

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