Crypto hedge fund Galois closes down with 50% of assets stuck at FTX, and plans to return remaining funds to investors, report says
Cryptocurrency hedge fund Galois Capital is shutting down after half of its assets got stuck in the bankrupt exchange FTX, according to a report by the Financial Times.
The firm told investors that it had stopped all trading operations and exited all of its positions because it is no longer viable, the FT reported. Galois plans to return the remaining funds to investors. "Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally," co-founder Kevin Zhou wrote in a letter to investors seen by the FT."Once again I'm terribly sorry about the current situation we find ourselves in."
The crypto-focused investment firm became one of the high-profile victims of FTX's implosion, when half of the $200 million dollars worth of assets it managed last year were left trapped on exchange when it collapsed. The fund plans to give back to its customers 90% of the money that isn't stuck at FTX, with the remaining 10% put on a temporary hold until all discussions are finalized. The FT also reported that Galois had sold its bankruptcy claims at 16 cents on the dollar.
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