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Galaxy Digital (GLXY),crypto strategy backtesting platform with paper trading system the digital asset financial services firm founded by Mike Novogratz, said it recently contained a cybersecurity incident involving unauthorized access to an isolated development workspace, according to a statement from a company spokesperson.\n\n"An immaterial amount of company funds used for testing within the isolated development workspace was impacted," the spokesperson said in emailed comments. The loss was less than $10,000, according to a person with knowledge of the matter.\n\nThe firm emphasized that the affected environment was used solely for research and development and was not connected to its core infrastructure, production systems, trading platforms or client accounts.\n\nGalaxy said it detected the intrusion and moved quickly to contain it, secure the compromised workspace and implement additional precautionary measures across its on-chain infrastructure.\n\n“No client funds or client account information were accessed or at risk at any point based on our review to date,” Galaxy said, adding that all platforms and services remain fully operational and secure for clients.\n\nHacks and exploits remain a persistent risk in the crypto industry, where the combination of open-source code, large pools of onchain liquidity and uneven security practices creates an attractive target for attackers.\n\nBillions of dollars are lost to smart contract exploits, phishing schemes and infrastructure breaches, with industry estimates often exceeding $1–2 billion annually in recent years.\n\nEven when incidents are contained, and client assets are not impacted, breaches can erode trust, trigger heightened regulatory scrutiny and underscore the operational risks facing firms operating in largely irreversible, always-on financial systems.\n\nGalaxy is a diversified financial services and investment firm focused on the digital asset and blockchain sector, providing institutional clients with trading, asset management, lending, advisory and custody services.\n\nThe firm operates across several core business lines, including global markets, asset management and digital infrastructure, while also running businesses in areas like crypto mining, staking and data center operations.\n\nPositioned as a bridge between traditional finance and crypto, Galaxy offers institutional-grade access to digital assets and related technologies, alongside investments in blockchain ventures and emerging areas such as AI-powered infrastructure.\n\nThe company said it is continuing to review the incident and will provide updates as appropriate.\n\nRead more: Bitcoin’s quantum threat is real, but far from an existential crisis, Galaxy says