• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Galois Capital Fund closed due to stranded assets on FTX

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Galois Capital, one particular of the hedge money that suffered the most right after the FTX crash, has determined to go out of enterprise and will return the remaining money to traders when it sees that the probability of recovering money quick-phrase is not higher.

Galois Capital officially shut down after getting stuck on FTX
Galois Capital has officially stopped functioning right after freezing assets on FTX. Photo: CryptoSlate

As of the finish of 2022, Galois Capital is reported to have $200 million beneath management and is one particular of the greatest quantitative trading institutions in the cryptocurrency field. According to the letter sent to the investor, Financial Times At a glance, Galois Capital has announced that it can no longer carry on trading and that all positions in the fund will be closed to reimburse traders:

Related articles

Top 7 promising coins x 100: Super profitable investment opportunity

Top seven likely coins that can x100 assets by 2024

March 2, 2024
Blast's operating model faces opposition from the Paradigm investment fund itself

Blast’s working model faces opposition from the Paradigm investment fund itself

November 27, 2023

“After the FTX incident, we consider it is extremely hard to carry on managing the fund the two financially and culturally. Again, this time I deeply regret our determination.” – shared the founder Kevin Zhou.

Hedge fund Galois shuts down right after half of its assets have been trapped on FTX https://t.co/YsV6KdQ93K

— Financial Times (@FT) February 20, 2023

Information that Galois was caught with assets on FTX leaked in November 2022, just days right after the exchange collapsed. While Financial Times unveiled that the quantity of Galois misplaced up to one hundred million bucks, Mr. Zhou explained that the quantity of cash held on FTX was only forty million bucks.

>> See a lot more: The investment fund that shorted LUNA is caught at $forty million on FTX

Galois explained in the letter that customers will get about 90% of their money unblocked on FTX. The remaining ten% will be held temporarily until eventually the procedures with the regulatory entire body and the audit are finished.

Mr. Zhou also explained in the letter that the fund will promote “claims” linked to the FTX situation. This move is explained by the founder simply because FTX’s bankruptcy system can get a decade, with lots of intricate legal procedures. As a outcome, the fund came to the determination to resell these paperwork for sixteen cents per dollar worth to be dealt with by a lot more skilled organizations.

For months, this hedge fund cryptocurrency manager has been warned about the dangers of stablecoin Terra and Luna, its native token.

He was not incorrect https://t.co/Z0p2ocf09q

— Bloomberg Crypto (@crypto) May 17, 2022

Mr. Zhou, who utilised to get the job done at the Kraken exchange, is very well acknowledged in the cryptocurrency neighborhood right after his harsh criticisms of Terra e Luna. Also in the entire body of the letter, the founder of Galois Capital shared:

“The complete crash came from Luna, the 3AC fund, and eventually the FTX-Alameda crash. However, for now, I’m nevertheless incredibly optimistic about the extended-phrase long term of the cryptocurrency industry.”

Synthetic currency68

Maybe you are interested:

Maybe you are interested:

Tags: AssetsCapitalCloseddueFTXfundGaloisstranded
Share76Tweet47

Related Posts

Egg Prices in the U.S. Drop 61% Since January 2025

by shark
June 3, 2025
0

Egg prices drop by 61% since Trump took office in January 2025, USDA reports.

Reitar Logtech Plans $1.5 Billion Bitcoin Acquisition

by shark
June 3, 2025
0

Hong Kong-based Reitar Logtech Holdings Ltd reveals plans to acquire up to $1.5 billion in Bitcoin as part of their...

Ripple’s XRP Faces Critical Market Forecast

by shark
June 3, 2025
0

Explore Ripple's XRP price predictions for June 2025, potential market volatility, and insights from experts on whether the price could...

U.S. Home Listings Reach Record $698B Amid Demand Decline

by shark
June 3, 2025
0

The U.S. housing market sees an all-time high with $698 billion worth of homes listed for sale, reflecting increased inventory...

Sberbank Introduces Bitcoin-Linked Structured Bonds in Russia

by shark
June 3, 2025
0

Sberbank launches structured bonds tied to Bitcoin and USD/RUB rates in Russia.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Egg Prices in the U.S. Drop 61% Since January 2025
  • Reitar Logtech Plans $1.5 Billion Bitcoin Acquisition
  • Ripple’s XRP Faces Critical Market Forecast
  • U.S. Home Listings Reach Record $698B Amid Demand Decline
  • Sberbank Introduces Bitcoin-Linked Structured Bonds in Russia
  • Strategy & Metaplanet Secure $200M in Bitcoin Amid Market Correction
  • Elon Musk’s XChat Faces Cryptography Scrutiny After Launch
  • Circle Upsizes IPO, Valuation Exceeds $6 Billion
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7