One of the world’s largest crypto-oriented quantitative funds has ceased operations after losing much of its capital in the FTX collapse, according to a Financial Times report.

In November, CoinDesk reported that Galois Capital had $40 million stuck on FTX. At the time, Zhou told his investors that it would take several years to recover “some percentage” of the funds.

Galois sold its bankruptcy claims for 16 cents on the dollar. In January, CoinDesk reported that FTX claims were selling for about 13 cents on the Xclaim bankruptcy market.

This whole tragic saga, from the luna collapse, the 3AC [Three Arrows Capital] credit crisis, to the FTX/Alameda collapse, has certainly set the cryptocurrency space back considerably