Galaxy Digital CEO Mike Novogratz says 2023 will be a time for the cryptocurrency industry to"cut costs" and"survive this transition period" after the collapse of FTX, along with a slew of other market meltdowns still spilling over from last year. CNBC's Squawk Box"We've got regulatory headwinds that we didn't have before," Novogratz said."We've got time to heal and rebuild narrative.
The uncertain fate of Digital Currency Group , the crypto conglomerate that own digital asset brokerage Genesis and asset manager Grayscale, is an overhang for the industry as well. Genesis' lending arm halted loan redemptions and originations in November due to a severe liquidity crunch. The firm and its parent company are facing accusations of fraud from Gemini cofounder Cameron Winklevoss.
Novogratz says that the Gemini and DCG debacle won't involve"a lot of selling" for crypto markets, but it's"just not great news." DCG is being investigated by US prosecutors for internal transfers between the parent company and its embattled lender, Bloomberg
Sounds like a guy trying to protect his portfolio
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