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One of the world’s largest crypto-focused quantitative funds has called it quits after losing a sizeable portion of its capital in the collapse of FTX, according to a report from the Financial Times.
"considering how serious the situation is, we don't think it's sustainable to continue to manage the fund both financially and culturally," said Kevin Zhou, co-founder of Galois Capital, in a note by ft. "Again, I feel terribly sorry for the present situation."
In November, CoinDesk reported that Galois Capital had $40 million stuck at FTX. At the time, zhou told his investors that it would take a couple of years to recover "a certain percentage" of the funds.
'We will work hard to maximize our chances of recapturing the blocked capital by all means,' he told investors at the time.
Ft pointed out that Galois sold his bankruptcy claims for 16 cents per dollar. In January, CoinDesk reported that FTX claims were going for around 13 cents on the dollar on the bankruptcy marketplace Xclaim.
“This entire tragic saga starting from the luna collapse to the 3AC [Three Arrows Capital] credit crisis to the FTX/Alameda failure has certainly set the crypto space back significantly,” wrote Zhou in a note seen by FT. "However, I, even now, remain optimistic about the future of crypto in the long run."
