Galois Capital, a renowned crypto trading fund, has decided to close down following the bankruptcy of FTX crypto exchange.
The company lost a major portion of its holdings in the FTX collapse, and the remaining assets will be returned to investors once the company is wound up. The decision was communicated by co-founder Kevin Zhou in a letter apologizing to investors for the situation.
According to Chinese reporter Colin Wu, Galois Capital has ceased all trading and closed all positions. The company had previously revealed that half of its fund, amounting to $40 million, was stuck in FTX when it collapsed in November 2022.
Zhou stated that 90% of the remaining money would soon reach Galois’ customers affected by the FTX collapse, while the remaining 10% would be held temporarily for finalization after discussions with the administrators and auditor. He added that selling the fund would be more convenient than engaging in prolonged legal procedures.