Feb 21, 2023
Galois Capital Shuts Down, Returns Assets to Investors
Hedge fund Galois Capital has officially announced the end of its operations, citing their significant exposure to the now-defunct FTX exchange as the primary reason. In a letter to investors, the company said that all trading has been halted and the fund rolled back its positions.
The FTX bankruptcy has left millions of company funds frozen, including those of New Huo Technology and Nestcoin. Galois Capital is among the many victims of the FTX debacle, with at least $50 million in funds stuck in the exchange.
In an official statement on Twitter, the company admitted to having significant funds stuck on FTX and reassured investors that no Bahamian method was used to move funds out. Kevin Zhou, the co-founder of Galois Capital, apologized to their investors and said that the severity of the FTX situation made it impossible to justify continuing its operations.
Galois Capital told investors that they would receive 90% of the available funds, which are not trapped in the FTX exchange. The remaining 10% will be kept by the company temporarily until discussions are finalized. Additionally, Zhou expressed an inclination to sell the hedge fund’s claims instead of waiting on a lengthy bankruptcy process that could take a decade.
In a similar move, the largest Mt. Gox creditor has also chosen an early payout option instead of waiting for a lengthy legal process. On Feb. 17, Mt. Gox Investment Fund said it decided to be paid in September instead of waiting longer to get its assets back.
The news of Galois Capital’s closure has sparked a renewed interest in the web3 space, with many investors looking to capitalize on the potential of NFTs and crypto-based investments. As a result, demand for NFT promotion and marketing services has skyrocketed.
NFT marketing agencies have seen a surge in demand as more investors look to capitalize on the potential of NFTs. These agencies provide services such as Twitter NFT marketing, NFT promotion, and NFT marketing strategy. They also help investors create and launch their own NFTs, as well as provide guidance on how to best sell them.
The NFT space is quickly becoming the go-to destination for investors looking to diversify their portfolios. With more and more investors looking to get in on the action, the demand for NFT marketing services is only expected to increase. As such, web3 agencies are well-positioned to benefit from this trend.
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