Crypto-focused hedge fund Galois Capital is the latest high-profile entity to call it quits after FTX’s collapse.

According to a Monday report from Financial Times, Galois Capital co-founder Kevin Zhou told investors that the fund plans to shut down and return their money.

“Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally,” wrote Zhou.

Shortly after FTX halted withdrawals in November, Galois Capital disclosed that it had roughly half its capital stuck on the exchange. This would have amounted to around $100 million worth of assets at the time. The firm has now unwound all positions and halted trading activity. 

Galois told clients that they would receive 90% of the firm’s funds that are not locked on FTX, with the remainder temporarily held back until discussions with administrators and auditors are concluded.

Galois was credited with predicting that LUNA was “doomed to fail” early last year, but was taken by surprise by FTX’s implosion.

In a Twitter thread on Monday, Zhou told users that despite losing half its assets in the FTX disaster, the fund still had a net positive performance since its inception.

“Although this is the end of an era for Galois, the work we have done together for the past few years has not been in vain,” tweeted Zhou.

“Crypto will endure. These setbacks are temporary and will come to pass,” he added.