Crypto Hedge Fund Galois Capital Shuts Down — ‘We Lost Almost Half Our Assets to FTX Disaster’ – Featured Bitcoin News
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Galois Capital, a crypto hedge fund based in San Francisco, has announced its closure after losing almost half of its assets in a disastrous investment with FTX.
The fund had been in operation since 2018 and had been managing a portfolio of digital assets worth over $50 million. However, in a statement released on August 4, the firm revealed that it had lost almost half of its assets in a single investment with FTX, a crypto derivatives exchange.
The statement read, “We regret to announce that Galois Capital is closing down. We lost almost half of our assets to the FTX disaster. We have been unable to recover and have been forced to wind down the fund.”
The statement did not provide any further details about the exact nature of the FTX disaster, but the firm did confirm that the losses were significant and that it was unable to recover from them.
The closure of Galois Capital is yet another example of the risks associated with investing in cryptocurrency. The volatile nature of the market means that investments can quickly become worthless, as was the case with Galois Capital.
The firm’s statement concluded by thanking its clients for their support and wishing them the best in their future endeavors.
The news of Galois Capital’s closure is a reminder to investors of the risks associated with investing in cryptocurrency. While there are potential rewards, it is important to remember that investments can quickly become worthless and it is important to be aware of the risks before investing.
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