"Remind me it's over, apparently there are more companies that are affected by FTX."
The fall of FTX that hit most cryptocurrency exchange companies has not yet recovered when it was recently reported that a hedge fund firm* was returning money to investors after deciding to close its services.
*Investments managed by industry experts with the goal of generating returns in the highly volatile crypto market.
The hedge fund company is Galois Capital, where they have managed around $200 million in digital assets but now have to tell their investors that it will end all its trades.
According to Kevin Zhao, Co-founder of Galois Capital, he is really disappointed that his company can no longer continue operations due to the obstacles they face to maintain the deteriorating performance.
This is because half of Galois Capital's digital assets have disappeared shortly after the crypto market was shaken by the news of the collapse of FTX which also had a negative impact on investors.
The company stated that its customers will receive 90% of the money not trapped in FTX, but the remaining 10% will have to be temporarily held until further notice.
Zhao also suggested selling the fund's claims on FTX to avoid the lengthy legal process following bankruptcy proceedings that could last a decade or more.
Meanwhile, the Chief Executive Officer (CEO) of FTX named Sam Bankman-Fried or better known as SBF who previously pleaded not guilty will face a trial in October on charges of fraud.
