Crypto Finance Firm Galaxy Digital Reveals $76.8M Exposure Linked to FTX

Galaxy Digital (GLXY), the crypto-focused financial-services firm run by noted investor Michael Novogratz, said on Wednesday that is has exposure of around $76.8 million of cash and digital assets tied to troubled crypto exchange FTX.

Of the $76.8 million, close to $47.5 million is in the process of being withdrawn, the firm said.

The firm also reported net loss of $68.1 million in the third quarter compared to a profit of $517.9 million in the same period last year.

Galaxy Digital also said that effective mid-January 2023, Damien Vanderwilt will step down from his role as co-president.

It was earlier reported that Galaxy Digital was planning to cut at least 20% of its global workforce, according to sources.

Read more: Crypto Finance Firm Galaxy Digital to Cut One-Fifth of Workforce: Sources