FTX With the collapse of the cryptocurrency exchange, the number of companies that suffered losses continues to increase. hedge fund Galois Capital, claiming that half of its assets remained in the bankrupt stock market, decided to give up. The fund decided to close after all the developments and returned its remaining assets to its investors.
The hedge fund admitted that it had significant exposure to the FTX exchange in an announcement made on its official Twitter account on November 12, 2022. did.
For the record, yes we did have significant funds stuck on FTX. No, we did not use any Bahamian method to move funds out.
— Galois Capital (@Galois_Capital) November 11, 2022
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According to the report of the Financial Times, the fund reported that all transactions were stopped and the fund reclaimed its positions in a letter it sent to investors. Co-founder of Galois Capital Kevin Zhouapologized to its investors and stated that the seriousness of FTX’s situation cannot justify their continued operations.
In addition, the hedge fund said investors will get 90% of available funds that aren’t stuck on the FTX exchange. The remaining 10% will be temporarily held by the company until the negotiations are concluded.
Koinfinans.com As we reported, Zhou stated that in addition to all these developments, he did not want to wait for a bankruptcy process that could take ten years and stated that he wanted to sell his funds. According to the Galois Capital co-founder, buyers of these receivables are more skilled at pursuing their receivables in bankruptcy courts.
FTX Its bankruptcy froze millions of corporate funds, including companies like New Huo Technology and Nestcoin. Galois Capital is also one of the many victims of the FTX debacle, with at least $50 million in funds stuck in the stock market. But instead of a lengthy legal battle, the hedge fund offered its creditors an early payment option.