Hedge fund Galois Capital has decided to shut down and will return 90% of the funds not trapped in FTX to its clients

ChainCatcher news, according to the Financial Times, hedge fund Galois Capital has decided to halt all trading, close all positions, and return 90% of the funds not trapped on FTX to clients after shutting down the fund. The remaining 10% will be temporarily set aside until discussions with managers and auditors determine the next steps. Co-founder Kevin Zhou stated, "Given the severity of the FTX situation, we believe it is untenable to continue operating the fund both financially and culturally." He expressed a preference to sell the fund's claims against FTX rather than go through a lengthy legal process. Since Galois sent the letter, it has sold its claims for about 16 cents on the dollar.

Previously, ChainCatcher reported in November last year that, according to the Financial Times, Galois Capital co-founder Kevin Zhou stated in a letter to investors that nearly half of the company's assets were trapped on the FTX platform and could not be withdrawn. Galois Capital manages over $200 million in assets. (Source link)