The U.S. Securities and Exchange Commission has levied another set of charges against Galois Capital – a crypto-focused advisory firm that custodied client assets at FTX.
For its actions, Galois agreed to pay a civil penalty of $225,000, which will be distributed to harmed investors of the fund.
Charged For Losing Money In FTX
Per the SEC’s Tuesday press release, the agency found that Galois failed to ensure that the crypto held by the private fund it was advising was held with a qualified custodian, instead holding them with unqualified crypto trading platforms – such as FTX.
“Approximately half of the fund’s assets under management from early to mid-November 2022 were lost in connection with the collapse of FTX,” the SEC claimed.
In sheer dollar terms, the fall of FTX was the largest corporate crypto failure in history, losing customers $8 billion, and investors $1.7 billion. During its CEO Sam Bankman Fried’s trial one year later, the jury determined that he and other
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