FTX Collapse: Galaxy’s Novogratz Warns of More Failures

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The Street

By Ellen Chang Michael Novogratz believes the cryptocurrency industry could see more collapses. BillionaireMichael Novogratz, founder of Galaxy Digital Holdings, said the downfall of FTX and several major cryptocurrency companies could lead to more meltdowns. The insolvency of FTX could result in more companies in the industry facing severe liquidity issues. Crypto companies such as Genesis and BlockFi are facing their own crises. Crypto exchange Genesis confirmed on Wednesday that it has stopped customers from making withdrawals and issuing new loans, the latest company to be severely impacte…

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