Cryptocurrency-focused quantitative funds, Galois Capital has announced its exit from the cryptocurrency market after losing funds to the collapse of FTX.
As reported by the Financial Times, the firm had $40 million stuck at FTX.
“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.
“However, I, even now, remain hopeful for crypto’s long-term future, ”
“Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally.
“Once again I’m terribly sorry about the current situation we find ourselves in, “the firm’s CEO, Kevin Zhou said in a statement addressed to FT.