Galois Capital Loses $40M To FTX & Shuts Down

Galois Capital, known as one of the world’s largest cryptocurrency-based quantitative hedge funds, has decided to quit its operations. The management has arrived at this decision after losing a sizeable portion during the FTX debacle.  It was announced on Monday through the company’s Twitter account. 

According to a report from November, the company had invested $40 million in FTX. According to the company, it would take considerable time to recover the stuck capital. Galois sold its bankruptcy claims for 16 cents on the dollar. As per Zhou, the events leading to FTX/Alameda’s failure have pushed back the cryptocurrency community significantly, but he is hoping that cryptocurrency will have a better future.   

A recent report says that the company will return the remaining money to investors.