Crypto Hedge Fund Ikigai Caught in FTX Collapse, Large Majority of Firm’s Total Assets Stuck on Exchange: Founder

The crypto hedge fund Ikigai says most of its property are caught on the collapsed FTX digital asset alternate.

Ikigai founder and Chief Funding Officer Travis Kling tells his 89,900 Twitter followers that they tried to withdraw investor funds from the platform however failed in retrieving them of their entirety.

“Sadly, I’ve some fairly unhealthy information to share. Final week Ikigai was caught up within the FTX collapse. We had a big majority of the hedge fund’s complete property on FTX. By the point we went to withdraw Monday morning, we received little or no out. We’re now caught alongside everybody else.”

Kling says they started speaking with their buyers in regards to the situation on Monday, however that it’s unclear what’s going to change into of the funds.

“There’s plenty of uncertainty about what’s going to occur subsequent. Within the very close to time period, Ikigai goes to proceed buying and selling the property we’ve left that aren’t caught on FTX. We’re additionally going to decide about what to do with our enterprise fund, which was unaffected by FTX.”

Kling says the collapse of FTX has shaken the crypto trade and for it to get well a brand new method is required to revive belief.

“If crypto is to get well and proceed on its journey to make the world a greater place, I consider your entire idea of belief must be fully rearchitected. Bitcoin is trustless. Then we constructed all these trusted issues round it, and people issues have failed catastrophically.”

The crypto Ikigai Asset Administration agency was based in 2018 and later launched a enterprise fund known as the Ikigai Belief Revolution Alternatives Fund to put money into early-stage Web3 initiatives.

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