crypto

This Hedge Fund loses a majority of funds due to FTX Bankruptcy

Travis Kling, the founder of the company and chief investment officer, stated that Ikigai Asset Management, a California-based hedge fund, had a “vast majority”, or “vast majority”, of its assets on the now-defunct cryptocurrency trading platform FTX.
Kling tweeted Monday that Ikigai was affected by the FTX crash. The majority of the assets of this hedge fund were on FTX exchange. They received very little money when they tried to withdraw Monday morning. Due to the FTX crash, they are now stranded just like everyone else.

I have some very bad news to share. Ikigai was a victim of the FTX collapse last week. We held a large portion of the hedge fund’s total assets via FTX. We had very little left when we tried to withdraw Monday mrng. We are now stuck with everyone else.
November 14, 2022 by Travis Kling (@Travis_Kling).

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The Current Roadmap of Ikigai
Kling’s Twitter thread states that the company will continue trading non-FTX-stuck assets, and will soon decide what to make of its venture fund, which was not affected in the FTX meltdown.
He said that there is a lot of uncertainty surrounding the timeline and likelihood for recovery for FTX customers. He said, “But at some point we’ll be in a better position to decide whether Ikigai will continue or go into wind-down mode.”
Read More: John Ray III Joins FTX as New CEO
Kling claimed that he was in constant contact with Ikigai’s investors since Monday, and accepted full responsibility. He stated that he had sincere regrets for the loss of the money he trusted with, and added:
“I have publicly endorsed FTX numerous times and I am truly sorry. I was wrong.”
About Ikigai
Ikigai was founded in 2018. In May, it launched a new venture capital fund with $30 million funding from its existing investors. According to a press release, Ikigai had more investors than 275 around the world during the investment round.
Kling stated further that
“It is now obvious that the space has not done enough in identifying and expelling bad actors. We are allowing too many sociopaths to become too powerful, and then we all pay. We will fight harder if Ikigai keeps going. It’s a fight that is worth fighting.

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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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