BPOI Banner
Terra-Linked Galois Capital Lost $40 Million on FTX—Now It Must Pay the SEC a Fine Too Terra-Linked Galois Capital Lost $40 Million on FTX—Now It Must Pay the SEC a Fine Too

Terra-Linked Galois Capital Lost $40 Million on FTX—Now It Must Pay the SEC a Fine Too

Galois Capital, the crypto hedge fund that famously warned of the dangers around Terra’s LUNA and UST ahead of their 2022 collapse, has been charged by the U.S. Securities and Exchange Commission for misleading investors and for not properly safeguarding customer funds.

The firm, which shut down in early 2023 after being impacted by the downfall of crypto exchange FTX, has settled the charges and will pay the regulator a civil penalty of $225,000, which will be distributed to users. Galois lost $40 million amid the shuttering of FTX, and in the announcement, the SEC specifically calls out the firm for using FTX to hold customer assets.

“According to the order, Galois Capital held certain crypto assets in online trading accounts on crypto asset trading platforms, including FTX Trading Ltd., that were not qualified custodians,” the press release reads.

Editor’s note: This story is breaking and will be updated with additional details.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

Andrew Hayward

https://decrypt.co/247618/terra-linked-galois-capital-lost-40-million-ftx-sec-fine

2024-09-03 16:16:11

bitcoin
Bitcoin (BTC) $ 94,186.24 1.58%
ethereum
Ethereum (ETH) $ 3,378.41 1.47%
tether
Tether (USDT) $ 1.00 0.08%
xrp
XRP (XRP) $ 2.19 2.07%
bnb
BNB (BNB) $ 684.76 4.06%
solana
Solana (SOL) $ 185.33 1.35%
dogecoin
Dogecoin (DOGE) $ 0.314428 0.81%
usd-coin
USDC (USDC) $ 1.00 0.21%
staked-ether
Lido Staked Ether (STETH) $ 3,354.15 0.85%
cardano
Cardano (ADA) $ 0.893788 0.27%
tron
TRON (TRX) $ 0.25047 1.37%
avalanche-2
Avalanche (AVAX) $ 37.24 0.28%
chainlink
Chainlink (LINK) $ 22.96 3.48%
the-open-network
Toncoin (TON) $ 5.49 1.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,946.46 0.10%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 0.31%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 93,599.08 1.89%
sui
Sui (SUI) $ 4.30 0.41%
stellar
Stellar (XLM) $ 0.357882 1.00%
polkadot
Polkadot (DOT) $ 7.08 1.45%
hedera-hashgraph
Hedera (HBAR) $ 0.271409 1.80%
hyperliquid
Hyperliquid (HYPE) $ 28.55 9.04%
weth
WETH (WETH) $ 3,376.80 1.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 443.20 1.42%
leo-token
LEO Token (LEO) $ 9.43 1.01%
uniswap
Uniswap (UNI) $ 13.83 1.61%
litecoin
Litecoin (LTC) $ 102.09 0.37%
pepe
Pepe (PEPE) $ 0.000018 0.76%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,565.63 1.50%
near
NEAR Protocol (NEAR) $ 5.16 1.49%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.22%
bitget-token
Bitget Token (BGB) $ 4.09 1.46%
aave
Aave (AAVE) $ 350.02 13.64%
usds
USDS (USDS) $ 0.992865 0.40%
aptos
Aptos (APT) $ 9.37 0.42%
internet-computer
Internet Computer (ICP) $ 10.24 2.10%
crypto-com-chain
Cronos (CRO) $ 0.15777 0.03%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.479598 0.18%
ethereum-classic
Ethereum Classic (ETC) $ 26.58 1.00%
mantle
Mantle (MNT) $ 1.18 0.25%
vechain
VeChain (VET) $ 0.04642 0.63%
render-token
Render (RENDER) $ 7.18 0.78%
monero
Monero (XMR) $ 192.08 0.16%
whitebit
WhiteBIT Coin (WBT) $ 24.47 0.29%
mantra-dao
MANTRA (OM) $ 3.57 2.95%
bittensor
Bittensor (TAO) $ 462.46 0.04%
dai
Dai (DAI) $ 1.00 0.15%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.29 1.28%
arbitrum
Arbitrum (ARB) $ 0.774885 2.51%
filecoin
Filecoin (FIL) $ 5.00 1.51%