How much of Galois capital's funds are stuck on FTX?

Crypto hedge fund Galois Capital told CoinDesk in a Telegram message on Saturday that around half of its funds are stuck on FTX, the beleaguered crypto exchange which filed for chapter 11 bankruptcy protection on Friday. The funds locked in FTX total around $40 million, Galois co-founder Kevin Zhou said.

Is half of the hedge fund's capital trapped on FTX?

According to the co-founder of Galois Capital, the hedge fund manager who warned about the Terra collapse before it happened, half of the hedge fund’s capital is left trapped on FTX. Galois co-founder, Kevin Zhou, wrote a letter to investors explaining the situation and said he was “deeply sorry” about the turn of events.

Why was my fund left with the money in FTX?

He said in the letter that his fund had been left with the money in FTX because it had “a ton of open positions” that it had to close and due to “underappreciating the solvency risk with holding our funds at FTX”.

What happened to Galois capital?

Galois Capital, which last year had been managing about $200mn in assets and was one of the biggest crypto-focused quantitative funds, told investors that it had halted all trading and unwound all its positions as it was no longer viable, according to documents seen by the Financial Times.