Galois co-founder Kevin Zhou wrote to investors in recent days that while the fund had managed to make some money out of the stock market, it still had “about half of our capital stuck in FTX,” the paper said, citing a letter he had. seen. “I deeply regret that we are in this current situation,” Zhou wrote according to the report, adding that it may take “several years” to recover “some percentage” of her assets. FTX filed for bankruptcy in the US on Friday and its chief executive Sam Bankman-Fried stepped down after a rapid liquidity crisis at the group left FTX scrambling to raise about $9.4 billion from investors and rivals. FTX’s rapid decline followed intense speculation about its financial health that prompted $6 billion in withdrawals in just 72 hours earlier this week. The company had posted a $32 billion valuation as recently as January. FTX and Galois did not immediately respond to Reuters requests for comment. Reporting by Akriti Sharma in Bengaluru. Edited by Clarence Fernandez and Stephen Coates Our Standards: The Thomson Reuters Trust Principles.
