Michael Novogratz Tells CNBC He Does Not Expect to Recover $77M Exposure Linked to FTX

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Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals

In its latest quarterly earnings call on Nov. 9, blockchain financial services firm Galaxy Digital disclosed that it had an exposure of $76.8 million consisting of cash and digital assets to troubled cryptocurrency exchange FTX. Of this amount, Galaxy Digital said that $47.5 million are currently in the withdrawal process. The day prior, FTX announced it had halted all withdrawals after the combination of a consumer bank run and a devastating price decline in its native FTT token, which the exchange uses for collateral, led to a liquidity crisis.  Despite…

Once-hacked for $77M, Beanstalk’s algo stablecoin protocol relaunches

Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol just under four months after going offline after suffering a devastating $77 million governance exploit. The protocol and its governance have been paused since April following the governance exploit and flash loan attack, but were relaunched as of Aug. 6 in an event called the “Replant.” In an announcement shared with Cointelegraph, Beanstalk said it has come out of the ordeal stronger than ever, likely in reference to protocol’s governance and security. “Beanstalk has come out on the other end…

Crypto Exchange AscendEX Hacked, Losses Estimated At $77M

Cryptocurrency exchange AscendEX suffered a hack for an estimated $77 million following a breach of one its hot wallets. On Sunday, AscendEX announced via Twitter that it had identified a number of unauthorized transactions from one of its hot wallets on Saturday. Assets not affected have been transferred to cold wallets while the investigation is carried out, the exchange added. Blockchain analytics firm PeckShield estimated that the stolen funds amounted to $77 million spread across three chains: Ethereum ($60 million), Binance Smart Chain ($9.2 million) and Polygon ($8.5 million). The…