This Hedge Fund Might Collapse Over FTX Hack

Source : coingape.com

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FTX Hack News: The FTX cryptocurrency exchange’s collapse has marked a major dent in the global digital asset market. It is expected that this decline might continue ahead. However, a major Hedge fund has reportedly confirmed that a huge amount of its capital is still stuck on the FTX exchange amid the hack.

Another Collapse Amid FTX Hack?

As per reports, the Galois Capital has been caught off guard amid the running FTX collapse. Half of the assets monitored by the hedge fund have been trapped on the FTX crypto exchange. Ironically, the hedge Fund’s found spotted the collapse of LUNA cryptocurrency earlier this month.

The report mentions that Kevin Zhou, Galois co founder informed its investors that they were being able to pull some money out of the exchange. It added that around half of its capital is stuck on the exchange. It is expected that around $100 million worth of assets is at risk amid the FTX hack.

Zhou apologized for landing the investors in this situation. However, they are still working tirelessly to maximize their chance of recovering stuck capital.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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