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News

Galois Capital Confirmed Failure And Not Setting Up Any New Funds

February 21, 2023 - Around 2 mins mins to read

Key Points:

  • Galois Capital confirms their fund has ceased operations.
  • In addition, the fund said that no new funds would be created and could not disclose the details of advanced transactions related to selling the FTX claim.
  • If any large claimants want advice on selling their claim, you can contact them for more information.
Galois Capital confirmed the fund’s shutdown in an official announcement shortly after the Financial Times report.
Galois Capital Confirmed Failure And Not Setting Up Any New Funds

The foundation said on Twitter that it was indeed about to shut down. Galois revealed they lost almost half of their assets due to the FTX disaster, and then the requested US dollars were sold, but they are still one of the few to close with still positive results to date.

Galois Capital notes that it will not launch any new funds in the process.

Second, they will be subject to a strict non-disclosure agreement with BTIG regarding the sale of FTX ownership. Therefore, I will not disclose the terms of the deal, the price, the buyer, or the time of the sale.

Now Galois has worked with Schulte Roth and BTIG on an auction. All relevant news will also be updated in a timely and detailed manner.

This follows yesterday’s news that the Financial Times reported that hedge fund Galois Capital closed after half of its assets were trapped in FTX.

Galois, a Texas-based crypto-focused quantitative fund with $200 million under management before the crash of FTX, said last November it had “substantial exposure” to the exchange. Translated by Bankman-Fried.

Galois Capital Confirmed Failure And Not Setting Up Any New Funds

Although, according to founder Kevin Zhou they are only about $40 million, according to a Financial Times investigation, this figure could be as high as $100 million.

Investors will receive 90% of the available funds not stuck on the defunct cryptocurrency exchange. The remaining 10% will be temporarily held by Galois until discussions with governance members and auditors are completed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

News

Galois Capital Confirmed Failure And Not Setting Up Any New Funds

Key Points:

  • Galois Capital confirms their fund has ceased operations.
  • In addition, the fund said that no new funds would be created and could not disclose the details of advanced transactions related to selling the FTX claim.
  • If any large claimants want advice on selling their claim, you can contact them for more information.
Galois Capital confirmed the fund’s shutdown in an official announcement shortly after the Financial Times report.
Galois Capital Confirmed Failure And Not Setting Up Any New Funds

The foundation said on Twitter that it was indeed about to shut down. Galois revealed they lost almost half of their assets due to the FTX disaster, and then the requested US dollars were sold, but they are still one of the few to close with still positive results to date.

Galois Capital notes that it will not launch any new funds in the process.

Second, they will be subject to a strict non-disclosure agreement with BTIG regarding the sale of FTX ownership. Therefore, I will not disclose the terms of the deal, the price, the buyer, or the time of the sale.

Now Galois has worked with Schulte Roth and BTIG on an auction. All relevant news will also be updated in a timely and detailed manner.

This follows yesterday’s news that the Financial Times reported that hedge fund Galois Capital closed after half of its assets were trapped in FTX.

Galois, a Texas-based crypto-focused quantitative fund with $200 million under management before the crash of FTX, said last November it had “substantial exposure” to the exchange. Translated by Bankman-Fried.

Galois Capital Confirmed Failure And Not Setting Up Any New Funds

Although, according to founder Kevin Zhou they are only about $40 million, according to a Financial Times investigation, this figure could be as high as $100 million.

Investors will receive 90% of the available funds not stuck on the defunct cryptocurrency exchange. The remaining 10% will be temporarily held by Galois until discussions with governance members and auditors are completed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

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