US States Call for Third-Party Examiner on FTX Finances

The bankruptcy of FTX in November caused several victims, both among individual investors and among companies. The census of crypto companies that this unfortunate event has affected continues. Indeed, another company, which is among the largest crypto hedge funds, has just closed its doors. Here is what happened.

Galois Capital shuts down after $40 million in recorded losses

THE FinancialTimes recently reported that another crypto firm collapsed due to the fall of FTX. He explained that Galois Capital is no longer viable, as it lost $40 million in the collapse of the exchange. The hedge fund confirmed the news on February 20, thanking the community for their support.

It appears that the company’s co-founder sent a letter to investors explaining the situation. In the letter, Kevin Zhou confessed that half of the capital of the hedge fund ends up on FTX. Remember that in November, it had declared that Galois Capital has $40 million locked up on FTX.

The announcement made by Galois Capital on its Twitter account

At the time, the manager explained that it would take a few years to recover ” a certain percentage ” funds. He added: ” We will work tirelessly to maximize our chances of recovering the blocked capital by all means “.

The hedge fund closes its doors, but remains with its head held high!

Galois Capital explained that it remain proud of their performance, Nevertheless. Indeed, he said: I am proud to say that […] we are among the few to close our company with a performance that has remained positive, since the beginning of the year “. Moreover, a note from the co-founder of the hedge fund indicates that he remains, despite everything, confident in the future of crypto.

Indeed, Zhou said: “ This whole tragic saga, from the Luna collapse to the 3AC credit crunch to the FTX/Alameda failure, has certainly set the crypto space back significantly. But, I remain, even now, hopeful for the long-term future of crypto.“.

Galois Capital explained: “The work we have done together over the past few years has not been in vain .Crypto will endure. These setbacks are temporary and will pass“.

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