Galois Capital shuts down in aftermath of FTX collapse

Galois Capital has moved to unopen down its hedge money operations pursuing a $40 cardinal nonaccomplishment resulting from the FTX collapse, according to the Financial Times (FT).

The U.S.-based hedge money managed astir $200 cardinal successful assets connected behalf of its clients. Following the FTX collapse, Galois Capital co-founder Kevin Zhou disclosed that the money had up to $40 cardinal trapped connected FTX.

However, successful a missive made disposable to FT, Zhou said:

“Given the severity of the FTX situation, we bash not deliberation it is tenable to proceed operating the money some financially and culturally.”

Zhou added that the hedge money would merchantability its assertion connected FTX since the bankruptcy proceedings tin past up to a decade.

Following his announcement, Galois Capital has reportedly sold its claims for astir 16 cents connected the dollar.

Furthermore, Galois Capital clients volition person up to 90% of the funds not trapped connected FTX, portion the remaining 10% volition beryllium withheld until the hedge fund’s auditing process is finalized.

The station Galois Capital shuts down successful aftermath of FTX collapse appeared archetypal connected CryptoSlate.