%GaloisCapital, one of the world’s biggest %Cryptocurrency hedge funds, is shutting down after losing $40 million U.S. in the collapse of the FTX digital exchange.
In a tweet, Galois Capital stated: “Yes, it is true that our flagship fund is shutting down.”
Last November, Galois Capital revealed that it had $40 million U.S. stuck at FTX after that crypto exchange filed for bankruptcy.
Galois Capital said it would likely take years for it to recover even a small percentage of the money it had with FTX.
Media reports claim that Galois Capital is now selling its bankruptcy claims related to FTX for $0.16 U.S. on the dollar.
%FTX claims are currently selling for an average of $0.13 U.S. on the dollar, according to data from online bankruptcy marketplace Xclaim.
Galois Capital said that any money recovered that relates to its investment in FTX will be returned to its investors.
FTX filed for bankruptcy on November 11, 2022, citing $8 billion U.S. in losses and listing more than one million creditors. Its demise has caused contagion effects throughout the crypto sector.