Hedge fund closes operations after losing funds in FTX exchange: Report

Galois Capital co-founder Kevin Zhou apologized to investors and highlighted that the FTX situation made them unable to justify continuing the fund.

investors in a letter that all trading was halted and the fund rolled back its positions. Kevin Zhou, the co-founder of Galois Capital, apologized to their investors and pointed out that the severity of the FTX situation makes them unable to justify continuing its operations.

In addition, the hedge fund said that investors will receive 90 percent of the available funds which are not trapped in the FTX exchange. The remaining 10 percent will be kept by the company temporarily until discussions are finalized. Apart from these, Zhou also expressed their inclination to sell the hedge fund’s claims instead of waiting on a lengthy bankruptcy process that could take a decade. According to the Galois Capital co-founder, buyers of these claims are more capable of pursuing claims in bankruptcy courts.

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