Feb 21, 2023
Galois Capital Shuts Down After FTX Collapse
Galois Capital, a hedge fund that suffered a significant financial loss due to the collapse of FTX, has announced that it is shutting down and returning its remaining assets to investors.
On November 11, 2022, the fund’s co-founder, Kevin Zhou, tweeted an apology to investors, admitting that the fund had a significant amount of funds stuck in the FTX exchange. He further stated that the severity of the FTX situation made it impossible to continue operations.
The hedge fund also told investors in a letter that all trading was halted and the fund rolled back its positions. Investors will receive 90% of the available funds, while the remaining 10% will be kept by the company until discussions are finalized.
Zhou has expressed an inclination to sell the hedge fund’s claims instead of waiting on a lengthy bankruptcy process that could take a decade. He believes that buyers of these claims are more capable of pursuing claims in bankruptcy courts.
The FTX bankruptcy froze millions of company funds, including those of New Huo Technology and Nestcoin. Galois Capital is one of the many victims of the FTX debacle, with at least $50 million in funds stuck in the exchange.
In a similar vein, the largest Mt. Gox creditor has also chosen an early payout option instead of waiting for a lengthy legal process that could take years. On February 17, Mt. Gox Investment Fund said it decided to be paid in September instead of waiting longer to get its assets back.
The collapse of FTX has been a major setback for the web3 space, as many funds, companies, and individuals have been affected by the bankruptcy. This has led to a renewed focus on NFT promotion and marketing, with many companies looking to capitalize on the growing interest in NFTs.
To this end, a number of web3 agencies and NFT marketing agencies have sprung up to help companies and individuals to promote and sell their NFTs. These agencies specialize in helping companies to create effective NFT marketing strategies, leveraging platforms such as Twitter to reach a wider audience.
The NFT space is growing rapidly, and with the help of these agencies, companies can take advantage of this growth to promote their NFTs and increase sales. As the web3 space continues to expand, the need for effective NFT marketing strategies will become even more important.
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