Over-the-counter trading specialized crypto hedge fund ‘Galois Capital’ is going to shut down because of the exposure to failed crypto exchange, FTX. Galois Capital lost almost half of its assets in the FTX disaster.
The Galois Capital hedge fund was unable to recover its losses. The crypto-Focused quantitative fund went from managing nearly $200 million in assets to reportedly losing $40 million in FTX.
However, the crypto firm already told its clients that it had halted every activity including trading. Following the report from Financial Times (FT), the investment firm claimed that 90% of assets were not locked in FTX so they will be refunded to clients soon.
Following ahead, the rest 10% will remain with the hedge fund until conversations with investigators, administrators, and other parties are completed.
After publishing the FT report, Galois Capital tweeted, “Thank you all for the kind words. Yes, it is true that our flagship fund is shutting down.”
Additionally, Galois eventually sold out its liquidation assets for 16 cents on the dollar, reported by the Financial times.
Also Read: FTX Collapse Triggers the Need for Crypto Regulation
