Crypto hedge fund Galois has decided to cease all operations after taking $40 million worth of damage from the FTX bankruptcy.
Although more than three months have passed since the bankruptcy announcement, the effect of FTX continues. In a recent report by the Financial Times (FT), Galois’s capital in the FTX bankruptcy after losing a large part It was stated that it stopped its activities and closed. According to initial reports released in November, Galois filed for FTX bankruptcy. 40 million dollars exposed.
Co-founder of Galois Capital Kevin ZhouStating that the successive crises took the industry back, announced that they could not continue their activities under these conditions with the following statements:
Given the severity of the FTX situation, we consider it inappropriate to continue operating the fund, both financially and culturally. This entire tragic saga, from the collapse of Luna to the 3AC credit crisis to the FTX/Alameda failure, has definitely set the crypto space back significantly.
The first statement from the Galois front after the FTX collapse was that fund payments to investors could take several years. Zhou told investors at that time that they would try to do their best.
FT files Galois’s bankruptcy claims in dollars for 16 cents reported it was sold. In the first transactions in January, the bankruptcy market of FTX claims xclaimapprox. per dollar in for 13 cents had been sold.