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Nov 12, 2022
Galois Capital Claims 50% of Funds Locked on FTX
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According to a Financial Times article, the cryptocurrency hedge fund Galois Capital has informed its clients that over half of its money is still on the defunct FTX market. In a letter to investors, Galois co-founder Kevin Zhou stated that while some assets had been withdrawn from the exchange, nearly half of them remained stranded.
Galois Capital - Largest Crypto Quant Hedge Fund
Zhou stated that the company would become a creditor if the exchange did seek bankruptcy protection, adding that it would work relentlessly to maximize its prospects of retrieving trapped funds by whatever means. On Friday, FTX submitted a Chapter 11 bankruptcy petition.
The largest crypto quant hedge fund, Galois, tweeted Friday night that significant money was stranded on the FTX exchange and that it has not utilized any Bahamian means to get funds out. According to the FT story, Galois was in charge of handling assets worth more than $200 million as of this past summer.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.
