Galois Capital, a cryptocurrency hedge fund based in San Francisco, has reportedly shut down due to the collapse of FTX. Half of the fund’s assets were stuck on the trading venue, and the remaining funds will be returned to investors. Co-Founder Kevin Zhou stated that the decision to close down was better than filing for bankruptcy protection, as it would result in a lengthy legal process and delayed refunds. Zhou also noted that the cryptocurrency industry has been hit hard in 2022 due to several setbacks, such as the Terra crash, the 3AC demise, and the FTX saga.
The list of entities affected by the FTX catastrophe is extensive, and includes BlackRock, Temasek, and Tiger Global Management. Additionally, cryptocurrency platform Midas Investments has also closed down due to severe financial losses. CEO Iakov Levin stated that the organization’s goal is to establish a new project with its own native token, called MIDAS. He apologized to anyone who lost money and promised to do his best to make sure they can recoup their losses in the new project.