Galaxy Digital Founder Releases Open Letter

Mike Novogratz, the founder of Galaxy Digital, has released an open letter. Referring to his week of reflection and past Terra events, the letter states that the mechanics of $UST were open and transparent, and an attempt was made to create an algorithmic stablecoin that could work in the digital world. While it was a great idea, it ultimately failed, mainly due to downward pressure on reserve assets combined with a run on $UST that triggered the crash. Galaxy Digital will also continue to strengthen its investment principles, maintain a diversified portfolio and retain a risk-based investment framework.