Michael Novogratz’s Galaxy has been ordered to pay $200 million after it was accused of market manipulation.

A legal filing from this morning accuses the firm of manipulating the price of luna, the token tied to the now-failed algorithmic stablecoin Terra. 

Back in 2020, the legal filing claims, Terra founder Do Kwon sought out Galaxy to help purchase and promote Luna tokens. 

“Galaxy bought more than 18.5 million LUNA from Terraform in October 2020 at $0.22 per token, a nearly 30% discount to LUNA’s then-market price of $0.31 and began endorsing Luna,” the filing said. 

But, after Galaxy’s Michael Novogratz got his Luna tattoo once the price hit $100, Galaxy…

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