Galois Capital is throwing the towel following FTX bankruptcy
Hi HODLers,
As time passes, a lot of Hedge Funds entangled with the FTX debacle are coming to the surface. The last one is Galois Capital.
Back in November '22, they acknowledged that they had positions/capital held at FTX.
Back in November, Coindesk reported that the Hedge Fund had around $40mn stuck at FTX. Galois Capital later took the option to sell its claims on FTX bankruptcy.
The Financial Times (FT) reported that Galois has sold its bankruptcy claims for 16 cents on the dollar! Let me tell you, this is not a lot! But clearly better than nothing I guess...
The Hedge fund announced that it will give back 90% of the available funds, which are not trapped in the FTX exchange.
They also disclosed that they will keep the remaining 10% will be at first "temporarily" until discussions are finalized.
I had trouble to understand how much of the assets were not "trapped" on the FTX exchange, estimates show that Galoi Capital had $50mn in FTX at the time of the collapse. If they sold their claims, they should have only liquid assets I would think.
Which Hedge Fund, Crypto Company or Crypto Bank will fall next?
Stay safe out there,
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