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Report%3A+Galaxy+Digital+reports+losses+worth+%24272.7+Million+in+2018

Report: Galaxy Digital reports losses worth $272.7 Million in 2018

 

A recent news release revealed that crypto investment bank Galaxy Digital Holdings Ltd. has noted losses worth $272.7 million in 2018. Per a report by a leading media outlet, The Block, Michael  Novogratz, CEO of Galaxy Digital,  mentioned that the last quarter of the year was embroiled in a blood bath and brought infamy for crypto. 

He reportedly told shareholders during a conference call: “The results on the year weren’t great by any means… But it’s a little deceiving because for me what matters is the operating loss is and what our cash book does.”

He further added that the firm’s goal is to reap maximum profits and cover for losses. The firm has made substantial progress in 2019. Novogratz also added that the starting of the year 2019, noted an increase in footfall in business lines. Also, the growth in digital asset markets has helped in increasing the Galaxy Digital’s bottom line. 

In November last year, the firm had revealed that it lost $136 million in the first nine months of 2018. This implies that the losses doubled in the span of three months. Despite, the bearish crypto winter, Novogratz is positive on Bitcoin’s long-term potential. 

Income and expenses by each reportable segment of GDH LP for the three months ended December 31, 2018 are as follows:

Income and expenses by each reportable segment of GDH LP for the three months ended December 31, 2018 are as follows:
Stats by News Wire

In another news reported by CoinMarketFeed, The New York Attorney General’s office recently announced that  Bitfinex has successfully recuperated losses worth $850 million from its reserve of Tether funds.  Further, Attorney General Letitia James also mentioned that iFinex, the parent company of Bitfinex and Tether limited had purportedly violated the New York Law. 

The filings also mentioned that Bitfinex also maintained a defensive stance against their losses, and did not reveal the figures. Moreover, the matter was further fuelled when Tether and Bitfinex landed in a conflict regarding corporate transactions. Bitfinex has reportedly taken $700 million from Tether reserves to mask their losses and handle client withdrawals. 

The court has now ordered the operators to immediately stop the distribution of US dollars that back Tether tokens. It has also ordered to produce documents of investigation. Furthermore, the ruling prohibits companies from destroying any investigation related document. 

A twitter crypto entrepreneur Alistair Milne has also mentioned that 60 million shares of Bitfinex stock were traded as collateral. Moreover, the Attorney General is also seeking a stay order to allow Bitfinex and Tether to continue trading, in the interests of customers.

Image Credit: Pixbay