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The fund allegedly lost about half of its assets following FTX's collapse.
The US Securities and Exchange Commission (SEC) has announced a settlement with troubled crypto hedge fund Galois Capital. The SEC charged Galois with failing to meet critical requirements for safeguarding customer assets, including those the agency stated were “securities”. Related Reading: Bullish Alert For Dogecoin: TD Indicator Flashes Buy Signal As $0.10 Target Looms FTX Costs Galois Capital Half Of Managed Assets According to the SEC’s announcement on Tuesday, Galois Capitals missteps began in July 2022 when the firm allegedly did not ensure that certain crypto assets held by its private fund were maintained with a qualified custodian, violating the Investment Advisers Acts Custody Rule. Instead, the agency claims that the crypto company kept these assets in online trading accounts on platforms like FTX Trading, which were not recognized as “qualified custodians.” The fallout from this decision was significant. Following the collapse of FTX in November 2022, approximately half of the assets under Galoiss management were lost. Settlement Reached The SEC also alleged on Tuesday’s announcement that Galois misled its investors about the notice required for redemptions. Some investors were told that they had to provide at least five business days’ notice before the end of the month. In contrast, others were allowed to redeem their investments with less notice, which the SEC said “created an uneven playing field among fund participants.” Corey Schuster, co-chief of the SEC Enforcement Division’s Asset Management Unit, said: By failing to comply with Custody Rule provisions, Galois Capital exposed investors to risks that fund assets, including crypto assets, could be lost, misused, or misappropriated. Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments Details As part of the settlement, Galois Capital has agreed to pay a civil penalty of $225,000, which will be distributed to investors who suffered losses due to the firm’s actions. The company has also consented to an order requiring it to cease any further violations of the Advisers Act, while neither admitting nor denying the SEC’s findings. Featured image from DALL-E, chart from TradingView.com
Crypto analysts say a daily close above $65,000 would confirm bullish momentum, but a possible reversal still cant be ruled out.
According to Guggenheim Treasury Services, the product is the first digital version of commercial paper on the Ethereum network.
The investment rounds backers include Bain Capital, Syncracy Capital, 1kx, Robot Ventures, and Placeholder, bringing Celestias total fundraising to $155 million.
NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 million the lowest this year.
Dragonfly Capital general partner Tom Schmidt urged crypto projects to consider whether they need venture capital funding.
The regulator charged the former DeFi protocol and its co-founders for allegedly misleading investors and unregistered broker activity involving its pools.
Borderless third fund targeting DePIN projects is backed by Peaq, the Solana Foundation, Jump Crypto and IoTeX. The DePIN market is expected to reach $3.5 trillion by 2028.
They follow Defiance ETFs launch of a 1.75x leveraged MSTR ETF in August.
Dragonflys new crypto fund will target early-stage projects in the crypto space. Over 100 digital-asset startups are part of the firms portfolio.
Pantera Capital outlines strategies for assembling a founding team in the crypto space, emphasizing the importance of diverse skills and experience. (Read More)
ParaFi Capital will tokenize part of its $1.2-billion portfolio using the Avalanche blockchain and tokenization platform Securitize.
Cryptorphic has made some observations regarding the increasing focus of Donald Trump on cryptocurrencies. The recent announcement by Trump about making the U.S. the crypto capital has created a buzz, but there are concerns over the ethical dilemmas due to conflict of interest. Trump has changed his mind and is now supporting cryptocurrencies and has […]
a16z Crypto has announced the 21 startups selected for its CSX Fall 2024 cohort, focusing on AI, DeFi, infrastructure, and consumer applications. (Read More)
Pantera Capital delves into the complexities of getting crypto pricing right, emphasizing the need for accurate and transparent valuation in the volatile market. (Read More)
Discover the top yield farming platforms for 2024 and learn how to maximize your crypto earnings.
The ZKX shutdown highlights the importance of transparency and accountability in cryptocurrency projects.
As the United States Federal rate cut is fast approaching, analysts at QCP Capital, a global digital asset trading firm and market maker has now shared their prediction on how this development could impact Bitcoin price. According to the analysts, the upcoming U.S. non-farm payroll report and Fridays GDP data will play crucial roles in [...]
The post How Will The US Upcoming Fed Rate Cut Impact Bitcoin? QCP Analysts Weigh In appeared first on Crypto Breaking News.
The new fund will back startups working on blockchain-based solutions, including zero-knowledge infrastructure and emerging Bitcoin ecosystems.
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