Galois Capital, a crypto trading fund, has announced that it will cease further establishment and close all positions after losing a major share of its holdings in the collapse of FTX, once a leading crypto exchange.
Galois Capital previously revealed that around $40 million of its fund was stuck in FTX when it collapsed. While the remaining assets would be returned to the investors, the company is not in a tenable position to continue operating the fund financially and culturally.
The co-founder apologized and mentioned that 90% of the remaining money would soon reach Galois’ customers, while 10% would be held back temporarily.
The fund’s co-founder further stated that it is more convenient to sell the fund rather than being engaged in long legal procedures, which could be prolonged for even a decade.