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

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.