A hedge fund that was one of the highest profile victims of the FTX scandal when half its assets were trapped on the collapsed cryptocurrency exchange has decided to close and return its remaining money to investors.
Galois Capital, which last year had been managing around $200mn in assets and was one of the biggest crypto-focused quantitative funds, told investors that it had halted all trading and unwound all its positions as it was no longer viable, according to documents seen by the Financial Times.
“Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally,” wrote co-founder Kevin Zhou. “Once again I’m terribly sorry about the current situation we find ourselves in.”