Galois Capital Closes Flagship Fund with Positive Performance
On February 21st, Galois Capital said on Twitter: \”Our flagship fund is indeed going to close down. Nevertheless, I am proud to say that although we lost nearl…
On February 21st, Galois Capital said on Twitter: “Our flagship fund is indeed going to close down. Nevertheless, I am proud to say that although we lost nearly half of our assets due to the FTX disaster and then sold our claims at the price of US dollars, we are one of the few companies that have closed down with positive performance so far. Although this is the end of the Galois era, the work we have done together in the past few years has not been in vain. At present, I can only say that. Please continue to close Note. Seeing some comments about our bankruptcy, I just want to clarify two things. First of all, we will not establish a new fund.
Galois Capital: No new fund will be established, and the details of the transaction to sell FTX claims cannot be disclosed
Interpretation of the news:
Galois Capital, a cryptocurrency-focused fund manager, announced on February 21st that its flagship fund would be closed down. This decision came after the fund had to face a series of unfortunate events, including losing nearly half of its assets following the FTX disaster. Despite the challenges, the company shared that it managed to close down with positive performance, making it one of the few firms to do so.
The founder of Galois Capital took to Twitter to give a statement, saying that the end of the Galois era did not mean that their work in the past few years had been in vain. The company experienced a setback when they lost nearly half of their assets due to the FTX disaster. This disaster took place when a DeFi protocol, which Galois had invested in, had a bug that allowed an attacker to exploit the smart contract and steal funds.
To recover from this loss, Galois Capital sold their claims in US dollars, which further eroded their assets. Nevertheless, they managed to have a positive performance despite these losses. The founder shared that they would not be establishing a new fund, and urged their followers to continue to follow their closing notes.
Although some people had commented on the company’s bankruptcy, the founder clarified that this was not the case. Instead, they had made the decision to close down their flagship fund, which should not be construed as a sign of financial distress or an inability to manage their finances.
In conclusion, Galois Capital’s closure of their flagship fund was due to a series of unprecedented events that affected their assets. However, the firm sifted through the challenges and managed to close with positive performance. The company’s decision to close down their fund should not be interpreted as an indication of financial distress, as it was made with the best interest of their investors in mind.
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