Breaking: Another hedge fund collapses in Foray of FTX; Market to Decline
Crypto News: The global crypto market is still being hounded by the Sam Bankman-Fried (SBF), led FTX crash. The latest development is that one of the most prominent victims of the FTX collapse has decided to close down. The hedge fund also made the decision to return the money to investors.
Financial Times reported that Galois Capital informed its investors that it had stopped trading and unrolled all positions in the market. The hedge fund managed approximately $200 million in assets and was one of the largest crypto-focused pools over the past year.
Galois Capital’s Kevin Zhou stated that while FTX impact is still in sight, the hedge funds do not believe they will be able continue operating. He regretted being in such a position. You can read more Crypto News here…
Coingape earlier reported that Galois Capital was caught unawares by the massive FTX crash. Half of the assets that were taken into consideration by hedge funds were lost to the collapsed exchange.
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