Key Points:
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.
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.
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