Michael Novogratz, the CEO of crypto-focused financial-services firm Galaxy Digital (GLXY), told CNBC that he does not think they will be able to recover the $77 million exposure linked to troubled crypto exchange FTX.
His comments come a day after the firm revealed the exposure in its third quarter earnings.
Galaxy Digital also reported a third-quarter net loss of $68.1 million, compared with a $517.9 million profit in the same period last year, and said Damien Vanderwilt will step down as co-president in January.
Share of Galaxy Digital were down 15.7% at $3.92 as of yesterday's close.
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