In the crypto world, the line between an “evangelist” and an “extractor” is often razor-thin—almost invisible.

That line is called trust.

Today’s evangelist in focus is Mike Novogratz—a former Goldman Sachs partner, advisor to the New York Fed, and now the founder and CEO of Galaxy Digital. With unmatched passion and unwavering conviction, he has promoted the vision of cryptocurrency to the world in various ways, becoming a voice too loud to ignore in the industry.

Galaxy Digital, hailed as “the most crypto-savvy institution on Wall Street,” manages billions in assets and holds a prestigious reputation across the crypto industry. Countless investors, trusting Mike Novogratz and Galaxy, poured their funds into the market, dreaming of seizing the moment and becoming one of the lucky few.

But sometimes, trust becomes a fatal trap.

This story was originally scheduled to be shared last week, but the sudden escalation of the US–China tariff war prompted us to cover the unraveling of dollar hegemony and the rise of decentralized stablecoins instead. While those grand narratives impact the global order, today’s story may hit closer to home for the everyday investor.

If you lost everything in the Luna crash, don’t be too hard on yourself. It wasn’t because you lacked judgment. It wasn’t even that Luna was doomed from the start. It’s because you had no idea that the very person urging you to “hold your faith” had already quietly dumped their bags while you were buying at the top.

What’s more alarming is that this kind of extraction play never ends—it just takes on new actors and new stages. Behind nearly every wave of “faith-fueled euphoria,” there are countless retail investors unknowingly paying for the carefully timed exits of a select few.

You might feel angry. You might want justice. But here’s the harsh reality: unless you can clearly prove that these KOLs (Key Opinion Leaders) or institutions acted with fraudulent intent, your losses are nearly impossible to recover.

The legal threshold for fraud is extremely high. You need solid evidence that they knew the project had massive risks or misleading information, and that they intentionally misled you to enter the market so they could cash out at the top.

But real life is messier than legal theory. KOLs are savvy—they avoid crossing legal lines. Their language is always vague: “bullish,” “huge potential,” “just personal opinion, not financial advice.” As long as their words remain ambiguous and their exits discreet, proving guilt becomes an almost impossible mission.

This Is The Thickest Fig Leaf Covering KOL-Style Extraction—The Difficulty Of Proving Intent, The Lack Of Concrete Evidence Of Malice.

But you might wonder: if it’s so hard to detect, how did Galaxy CEO Mike Novogratz end up getting exposed?

That brings us to a key figure—the New York State Attorney General—and a unique piece of legislation: the Martin Act. It is precisely because of this law—or more specifically, a certain clause within it—that the New York Attorney General can launch investigations without needing to prove clear fraudulent intent, uncovering the sophisticated schemes hidden behind so-called “faith.” Galaxy was the first to get caught—but certainly won’t be the last.

We’ve previously covered the Martin Act in detail. This is the same law that once forced the Trump Organization to pay a $450 million fine, and now, it’s pointing its sword at the crypto world. English version.

After reading the 44-page document released by the New York Attorney General’s office, I couldn’t help but feel: without the constraints of what’s known as “the most aggressive securities law in the U.S.,” this deep investigation would never have happened. And we might have never learned that behind the $40 billion collapse of Luna lay such a precise, calculated institutional exit strategy.

I hope today’s article isn’t just a dramatic financial tale for you, but a warning—one that reminds you to keep a safe distance from both KOLs and institutions.

Now, let’s first figure out: how did Galaxy and LUNA become intertwined?

1. How Did Galaxy First Get Involved With Luna?

Before diving into this high-stakes “exit story,” we need to first understand one of the main characters—who exactly is Galaxy?

1.1 Who Is Galaxy?

Galaxy Digital, officially known as Galaxy Digital Holdings Ltd., is registered in the Cayman Islands with its business headquarters in New York. It was founded by a Wall Street veteran: Mike Novogratz.

Who is he? A former partner at Goldman Sachs, a member of the Investment Advisory Committee at the New York Fed, and one of the earliest institutional believers in crypto—he began investing in Bitcoin as early as 2013. If you’ve ever read about “the future of Bitcoin” on CNBC, Bloomberg, or the Financial Times, chances are you’ve come across his name.

In 2018, Novogratz founded Galaxy, which went on to manage over $5 billion in assets and operate through 123 subsidiaries worldwide. Its business spans market making, venture capital, trading, custody, research—practically making it the “Morgan Stanley of crypto.”

In other words, if the crypto industry needed a representative that most resembled Wall Street, it would undoubtedly be Galaxy. And clearly, Galaxy was the perfect partner for Luna—no competition there.

1.2 What is Luna?

Now let’s turn to the other main character in this story: Luna.

Luna was a cryptocurrency launched in 2018 by Terraform Labs, a company founded by South Korean entrepreneur Do Kwon and registered in Singapore. The core idea behind Luna was to build a dual-token system combining an algorithmic stablecoin with a main token.

The ecosystem was composed of:

• The Terra blockchain: the underlying ledger where transactions occurred
• Luna: the platform’s native token used for governance, staking, and regulating stablecoin supply and demand
  TerraUSD (UST) and TerraKRW: so-called “stablecoins” claimed to be pegged to the USD and KRW respectively
• CHAI: a Korean payment app used to promote “real-world use cases”

Sounds impressive, right? But the problem was: its “stability mechanism” relied entirely on market behavior. Once UST lost its peg, Luna would fall into a “death spiral.” UST was, at its core, an algorithmic stablecoin—and to date, no such model has succeeded. (We did a deeper dive into stablecoins in our last piece, “Tariffs Are the Blade, Currency is the Shield”—feel free to check that out.)

One thing you should note is the CHAI payment system mentioned above. It was somewhat similar to China’s Alipay or the US’s PayPal. Do Kwon was a co-founder of CHAI. This real-world connection became a critical selling point for Galaxy to hype Luna.

To put it plainly: Luna was a piece of innovative financial engineering, with potential upside—but even greater risk of failure. Still, Do Kwon believed the story was compelling enough. What he needed now was a “Western spokesperson” to help sell that narrative to the American market.

1.3 How It Began: The Deal for a Western Spokesperson

Fast forward to 2020. Do Kwon realized that to make Luna go viral, Korean traders and a whitepaper weren’t going to cut it. He needed exposure in Western markets—he needed a credible brand to endorse it. That’s when they approached Galaxy.

In August 2020, Terraform extended an offer to Galaxy: they wanted Galaxy to act as their advocate. If Galaxy’s CEO would publicly promote Luna, Terraform would give them more favorable investment terms.

Galaxy discussed internally right away. They had already noticed Terraform’s technology and recognized the massive capital requirements behind the project. On October 27, 2020, the two parties finalized the deal, as shown below:

• Galaxy invested $4 million
  Bought 18.51 million Luna at a discounted price of $0.22 per coin
• The coins were unlocked monthly, 1/12 per month, and could be sold at any time

Note: At that time, the market price was $0.31, meaning Galaxy received a 30% discount and wasn’t forced into any lock-up period. This wasn’t a “good deal falling from the sky”; it was a transaction secured through endorsement, promotion, and support.

The hidden rule behind this was: as long as you’re willing to “say some good things,” we’ll let you “unlock quickly.” Galaxy took full advantage of this and even wrote in an internal memo that Terraform lacked recognition in the US market, and only with their promotion could they make people believe in the legitimacy of its economic activities, as seen in the red-boxed text in the image below.

As a result, starting from November 2020, Galaxy began to deliberately mention Luna in podcasts, tweets, and interviews. The price started to rise, and the trading volume rapidly expanded. This rhythm continued for a full year.

1.4 Summary: Struggling for “Money”

The connection between Galaxy and Luna was not because of “shared vision” or “leading technology,” but rather a complete “exchange of interests”:

• Terraform provided discounts and unlocking privileges;
• Galaxy provided traffic, trust, and packaging.
• Both sides reached an implicit consensus: you create the setup, and I’ll promote it, without saying anything out loud.

From the result, this “partnership” was very successful:

• Luna’s price rose from $0.31 to a peak of $119;
• Galaxy made hundreds of millions in profits;
• Retail investors bought in at the peak and soon fell into the “death spiral.”

Essentially, this was a typical “structured exit strategy.” However, it didn’t violate traditional securities laws, which is why many KOLs defended Galaxy. But under the Martin Act, this is unequivocally fraud. When your actions and words are contradictory, pushing the price up while cashing out, that’s market manipulation, which is illegal.

This is precisely why Galaxy was willing to pay $200 million in a settlement, in exchange for the “assurance” to halt the New York Attorney General’s investigation, as shown in the image below.

To analyze Galaxy’s pump-and-dump tactics, I carefully reviewed this 44-page document, and I will break it down for you step by step.

2. How Did Galaxy Pump and Dump?

Next, we will uncover how Galaxy simultaneously shouted “faith” while strategically selling off their assets—a “dumping art.” Before diving into this sobering story, I must fairly acknowledge Galaxy and Mike Novogratz to prevent you from thinking that Novogratz is just a “shameless individual.”

You may not know this, but as early as 2013, when Wall Street was collectively mocking Bitcoin, Novogratz was already investing real money into it. Not only did he openly buy Bitcoin, but he also publicly expressed his optimism about crypto assets and supported this “financial revolution” in mainstream financial media. More specifically, he predicted Bitcoin’s price would rise significantly in 2013 and, in 2014, crowdfunded Ethereum, which was still in its early stages. He once stated that 20% of his net worth was invested in Bitcoin and Ethereum, which was shocking for the conservative and cautious Wall Street community at the time.

As of 2024, Galaxy has publicly invested in 72 projects, including leading crypto projects like Polygon, Bitfarms, and Celestia, with a total investment amount reaching billions of dollars. Although Circle (the issuer of USDC) and Bitwise (the issuer of crypto ETFs) have not directly disclosed Galaxy’s investment records, Galaxy’s active involvement in ecosystem partnerships and consulting services has still contributed significantly to the overall development of the crypto industry.

In other words, the fact that you can buy crypto on Coinbase, transfer using USDC stablecoins, and see Ethereum ETFs approved today is largely due to the contributions Galaxy made during the early uncertain phases of the market. Galaxy is not the so-called “external capital extractor”; rather, it is a genuine “old-school player” that has long been part of the industry’s growth.

This is precisely why the “pump-and-dump” incident we are exposing today is so regrettable. With the market credibility and resource advantages Galaxy had built up over the years, they could have chosen a more transparent and legitimate way to profit, instead of falling into the disreputable “gray area pump-and-dump” trap.

Unfortunately, Galaxy ultimately couldn’t resist the temptation. They fell into the trap they designed themselves and chose this sophisticated but unethical profit-making strategy—pumping and dumping.

Next, I will break down in detail how Galaxy manipulated market sentiment step by step, using skillful methods to execute their pump-and-dump scheme.

2.1 A Small Test: The First “Pump-and-Dump” Attempt

The story begins at the end of 2020.

The agreement Galaxy signed allowed them to unlock 1/12 of their Luna holdings every month. As a Wall Street veteran, Novogratz knew that the most effective way to make quick profits was to “talk the price up while selling.”

On November 11, 2020, even before Galaxy received their first batch of Luna, Novogratz couldn’t wait to start promoting Luna. During an appearance on the popular podcast Nugget’s News, he told listeners that he had recently bought a lot of Luna. He described it as a Korean payment company similar to a credit card company, where users could get discounts. As shown in the image below. In reality, this was completely untrue—Luna had no real-world use at that time.

A few days later, on November 14, a Twitter user asked: “Hey, recommend some coins.” Novogratz immediately replied: $luna. As shown in the image below.

In December, Novogratz tweeted that the Korean payment app Chai already had 80,000 active users daily, and $LUNA had great potential! As a result, on the same day, Luna’s daily trading volume surged from $27.5 million to $69 million, instantly igniting market interest.

On the same day, Galaxy received the first batch of unlocked Luna: over 1.54 million tokens. This “dignified” Wall Street veteran told his internal team, “Don’t sell just yet; my rule is not to dump until 3 days after the positive tweet.”

Two weeks later, on December 16 and 17, Galaxy sold all of the Luna at prices between $0.50 and $0.52, perfectly closing their first “pump and dump” round.

Regarding the “don’t sell within 3 days after the positive tweet,” it sounds like a carefully thought-out rule, right? However, even this self-imposed rule wasn’t strictly followed. In the face of the overwhelming lure of money, everything seemed fragile.

2.2 The Battle for Break-Even: Bloomberg’s Accidental Boost

Galaxy clearly became addicted to “pump and dump.” But to quickly realize profits, they needed a bigger stage. This time, they turned to mainstream financial media—Bloomberg.

In January 2021, Galaxy proactively reached out to Bloomberg, providing a press release with false data, claiming:

Terra now has the third highest number of transactions of all blockchains (after BTC and Ethereum) and is generating 13M USD in fees annually. Terra KRW today powers CHAI, one of the largest e-commerce wallets in Korea, which hosts over 2 million users and generates $1.2 billion in annualized transaction volume.

The reality is that CHAI’s transactions don’t actually use the Terra blockchain at all; all payments are still made using Korean won, which has nothing to do with Luna or TerraKRW. So why did Galaxy and Terra feel the need to fabricate this, to use CHAI as a prop? Because without CHAI as a backing, the whole story would lack imagination.

On January 26, 2021, Bloomberg published a major report titled “Novogratz Invests in Crypto Startup Serving Millions in Korea,” and the price of Luna immediately soared from $0.89 to $1.23.

CoinTelegraph reported with the headline “LUNA doubles in price after $25 million investment by Galaxy Digital“ which triggered a market frenzy and a surge in buying.

Just a few days after the Bloomberg report, Galaxy shipped again. On January 30, 2021, they sold over 1.54 million Luna at a price of up to $1.47 per coin. By this time, Galaxy had already recouped their initial $4 million investment.

This battle was fought cleanly and decisively, truly embodying the “art of dumping.”

2.3 Escalation: A Combination of Tattoos and False Data

After recouping their investment, Galaxy became even more reckless. They started to play their trump cards.

In March 2021, Novogratz tweeted: “If Luna hits $100, I’ll get a Luna tattoo!” This personal commitment, striking at the heart, quickly caused a stir within the community.

At the same time, Novogratz continued to confuse the relationship between Chai and Terra, causing people to repeatedly believe that the Terra blockchain had strong real-world use cases. For example:

• On April 26, 2021, Novogratz claimed on a podcast that 6% of payments in South Korea were made using Chai.
• On May 21, he exaggerated further, stating that 7%-8% of payments in South Korea were made via the blockchain-based Chai.
• On June 22, he again claimed that 8% of payments in South Korea were entirely through Chai.
• On September 13, during his speech at the Barclays Global Financial Summit, he said that 9% of payments were now completed through the Luna blockchain.

However, Chai actually accounted for less than 1% of the total transaction volume in South Korea, and Chai was not even supported by the Terra blockchain, with no connection to Luna whatsoever. These figures were completely false, but the effect was immediate. After each statement, Luna’s price surged, and Galaxy did not hesitate to sell off their holdings:

• In early May 2021, they sold 1.3 million Luna at a price of up to $18.60 per coin;
• On June 4, they sold nearly 1.79 million Luna at about $6.91 per coin;
• In early August, they sold another 1.61 million Luna, with prices ranging from $12.19 to $14.79 per coin.

By the evening of December 24, 2021, just before Christmas, Luna had indeed risen to $100! Novogratz kept his promise and posted a picture of his Luna tattoo on his arm, sparking a frenzy on social media.

However, Galaxy, which was simultaneously getting tattoos and unloading, showed no signs of stopping. On Christmas Day, they began selling Luna at $96.96. In early January 2022, Galaxy continued to sell off large amounts at a high price around $90, cashing out tens of millions of dollars in total.

Can you imagine? When Novogratz posted that picture of his tattooed arm, the traders behind the scenes were rapidly typing on their keyboards, frantically dumping Luna into the euphoric market.

2.4 The Final Frenzy: Shouting “Keep the faith” While Dumping Massive Amounts

At the beginning of the new year in 2022, Galaxy and Novogratz began their final “frenzy.”

On January 5th, when Luna dropped from its high of $100 to around $80 and market sentiment started to waver, Novogratz reappeared. He comforted anxious investors on Twitter: After a big market surge, there’s always a bit of consolidation. $100 is just a symbolic number. Be patient, and Luna will definitely rise. Keep the faith!

This famous “Keep the faith” phrase seemed like a shot of adrenaline, reigniting hope for tens of thousands of Luna holders. However, at the same time, a completely different scene was unfolding in Galaxy’s trading room:

• On January 5th, Galaxy dumped over 160,000 Luna, with prices ranging between $77.51 and $84.80, cashing out about $13.58 million on that day;
• Then, from January 6th to January 7th, Galaxy once again sold over 520,000 Luna without hesitation, totaling nearly $40 million;
• From January 10th to January 13th, in just four days, Galaxy unloaded nearly 680,000 Luna, cashing out over $50 million again.

Amidst Novogratz’s passionate “Keep the faith” message, in just one week, Galaxy had quietly sold off over 1.3 million Luna, cashing out a total of $104 million! Meanwhile, they didn’t disclose any of their selling actions to the public, continuing to maintain their “faith-supported” persona.

An even more absurd scene occurred on January 15th. When Luna dropped to around $87, Novogratz humorously retweeted the image of “Viejo Lobo” (Spanish for “Old Wolf”) on Twitter, joking: His position in the Luna community seemed to imply that he saw himself as an experienced old wolf, sitting calmly on the fishing platform.

However, just an hour and a half after posting the tweet, Galaxy quickly sold off 13,276 Luna, perfectly timing the brief rebound and cashing out $1.15 million.

In the following week, Galaxy went on an almost frenzied selling spree, offloading over 1.1 million Luna, with prices continually dropping from $69 all the way down to $48.

Nevertheless, Novogratz continued to shout “Keep the faith,” encouraging followers to hold on, as if this was just a “normal market adjustment.”

2.5 Summary: After the Frenzy, a Mess Left Behind

Galaxy and Novogratz’s “final frenzy” with Luna perfectly illustrated what it means by “institutional dumping artistry.”

On the surface, they played the role of loyal crypto evangelists, inspiring with cries of “faith,” even going as far as tattooing the Luna totem on their arms.

However, behind the spotlight, they meticulously planned and continuously sold off Luna on a massive scale, until their positions were nearly empty.

The endpoint of this game was inevitable. On May 9, 2022, when TerraUSD (UST) completely collapsed, triggering the “death spiral” of Luna, its price plummeted from $65 to $0.004 in just three days, and $40 billion in market cap vanished into thin air.

By then, Galaxy had already exited the scene, with only 2,060 Luna left on their books, worth less than $10.

Now, it’s time for us to reflect.

3. Can You Avoid This Scam?

After reading the dramatic story of Galaxy’s price manipulation and sell-off, you may have a pressing question in your mind: “If I were smarter, more cautious, could I have avoided this scam?”

To answer this question seriously, we must take an objective approach, analyzing the subtle signs hidden behind such scams using facts and data, and understanding the advantages and weaknesses that ordinary investors possess. Let’s analyze this in-depth from two perspectives: “Why it’s possible” and “Why it’s not possible.”

3.1 Why It’s Possible

In fact, if you can remain vigilant enough, possess common sense, and have patience, it is entirely possible to avoid falling for Galaxy’s carefully orchestrated “pump-and-dump” scam.

First, the signs of exaggerated data

A careful investor can easily notice that the data used by Galaxy and Novogratz in their promotions contains serious exaggerations, or even outright falsehoods.

For example, Novogratz repeatedly emphasized:

• In April 2021, “6% of payments in Korea were already made through Chai.”
• On May 21st, this number increased to “7%-8%.”
• By September, Novogratz boldly claimed, “9% of all payments in Korea were completed using the Luna blockchain.”

But what does the actual data show? According to Chai’s official data (which can be checked through Chaiscan and other channels), Chai’s payment volume in Korea’s payment market has never accounted for more than 1%. Moreover, Chai has never actually used the Terra blockchain for settlement transactions.

If you took a moment to check Chaiscan’s data, you would see that these so-called “powerful use cases” were merely castles in the air. In other words, by simply paying attention, you could easily spot the significant data discrepancies and misleading information in Galaxy’s promotion.

Second, Clear Signs of Long-Term Cashing Out

Another important clue for identifying a scam is the market performance immediately following Galaxy’s public promotions.

Take December 3, 2020, as an example. When Novogratz announced on Twitter that Chai had 80,000 daily active users, Luna’s trading volume quickly surged from $27.5 million to $69 million.

Yet, just two weeks later, Galaxy quickly unloaded its first batch of Luna, selling at around $0.50, cashing out rapidly.

Similarly, on January 30, 2021, just days after Bloomberg reported on Galaxy’s investment in Luna, Galaxy swiftly sold off 1.54 million Luna. This pattern of selling occurred very close to the time of promotional announcements, with the price being pumped up just before Galaxy cashed out.

This regular pattern of selling repeated every month. By simply paying attention to on-chain data or Luna’s circulating supply, you could clearly see signs of “large investors regularly reducing their positions,” which suggests the presence of a structured intention to offload.

Third, Over-the-Top Personal Endorsements

A third signal that could help you avoid falling for the scam is Novogratz’s exaggerated personal endorsements.

Novogratz claimed that if Luna hit $100, he would get a Luna tattoo! While such personal commitments can stir emotions, they are also exaggerated and obvious, revealing the manipulator’s urgent desire to influence market sentiment.

Real professional investors or institutional investors typically do not make such clear-cut market promises in public. When dramatic commitments or overly extreme promotions occur in the market, cautious investors should raise their guard and avoid blindly following the hype.

3.2 Why It’s Not Possible

However, while we analyze this rationally, we must also admit that for the vast majority of ordinary investors, avoiding a sophisticated, structured scam like Galaxy’s is extremely difficult, and can even be said to be nearly impossible.

First, The “Authority Effect” of Institutions is Too Strong

Mike Novogratz, CEO of Galaxy Digital, is a legendary figure in the crypto market. He was a partner at Goldman Sachs, frequently appeared on top financial media outlets like CNBC and Bloomberg, and built high authority and credibility with his successful early investments in Bitcoin and Ethereum.

For ordinary investors, seeing such an industry expert, who has previously made accurate market predictions, personally endorse a project makes it easy to fall victim to a powerful psychological anchoring effect. They quickly let their guard down and make decisions based solely on the expert’s recommendation, abandoning independent thinking.

Galaxy precisely exploited this authority effect to successfully manipulate market sentiment. For most investors, recognizing the hidden motives behind this authority is extremely difficult.

Second, Sophisticated Media Operations and PR Strategies

Galaxy worked with several top media outlets (such as Bloomberg and CoinTelegraph) to create a seemingly authentic and credible market image for Luna.

On January 26, 2021, Bloomberg published a report that clearly showed Galaxy directly provided false data to Bloomberg, inflating the Terra and Luna ecosystem’s strength and real-world applications, creating a false impression of explosive market growth.

Such precise media manipulation makes it very difficult for ordinary investors to suspect anything. After all, when the general public sees mainstream media affirming a project, they naturally assume it’s based on thorough investigation and reliable information, and are unlikely to consider that it’s carefully orchestrated public opinion manipulation.

Third, “Keep the Faith” as Emotional Manipulation

From a psychological perspective, Novogratz’s “Keep the faith” slogan is an extremely effective way to manipulate investor emotions. When the market is falling, the most comforting thing for ordinary investors to hear is someone encouraging them to keep their faith and not give up easily.

This emotional guidance is far more penetrating than any rational analysis. Novogratz skillfully uses this emotion, employing compelling language to control market sentiment, causing investors to hold on during a downturn and even buy more at low prices, becoming the “last to buy” or “retail investors” .

In reality, when Galaxy was dumping at high prices, it was nearly impossible for ordinary investors to stay completely rational. When everyone is chanting faith, doubters are seen as outliers, and they face enormous psychological pressure.

3.3 Summary: The Trade-Off Between What You Can and Can’t Do

Going back to the initial question: “Can you avoid this scam?”

Objectively speaking, it depends on how much market knowledge, investment experience, and independent thinking ability you possess.

• If you’re careful enough to spot the discrepancies between data and reality, identify the abnormal selling patterns after every promotion, and stay cautious about dramatic marketing tactics, you could potentially see through the scam in advance.
• But if you’re an ordinary investor, dazzled by institutional authority, misled by media manipulation, and swayed by emotional slogans, the vast majority of people will likely fall victim to the carefully crafted script of Galaxy.

There will always be greed and deception in the market. Galaxy’s story is not the first, and it will certainly not be the last.

Conclusion

The line of trust between preaching and harvesting, once crossed, becomes the sharp edge of the scythe. Behind every scam is a battle between human greed and fear.

In the story of Galaxy and Luna, we saw how authority became a tool for harvesting, how media became a loudspeaker for deception, and how emotions fueled greed. But ultimately, there is no free wealth in this world, and no one becomes rich without reason.

“Faith” is meant to be one of the most moving words in the investment world, but when it is used by those with ulterior motives to manipulate the market, faith becomes poison, ultimately backfiring on every blind follower.

However, we must also acknowledge that Galaxy was not simply a predator. They stood at the forefront when the crypto market was still in its early stages, injecting capital and confidence into the industry. Novogratz’s foresight and Galaxy’s contributions to the standardization of the industry have indeed pushed the crypto world towards the mainstream. They accompanied the industry through its ups and downs, witnessing and driving an era’s change and the rise of a new sector. Unfortunately, when the temptation of capital collided with the moral bottom line, Galaxy failed to stay true to its original intent and chose a less honorable shortcut.

True investors must understand that investing is not about following authoritative guidance or relying on the clamor of the media; it is about independent thinking and rational judgment.

Because: every blind following you do is paying for a scam; and every question you raise is accumulating capital for freedom.

From today onward, remember:

Don’t trust authority, trust the data;

Don’t blindly follow, think independently;

Don’t be swayed by emotions, control with reason.

After all, the market is never kind. Only those who remain truly clear-headed are worthy of real financial freedom.

Finally, we should be thankful for the “Martin Act,” hoping that under its powerful deterrent, KOLs’ manipulation of the market will no longer be so unrestrained.

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