Ikigai Assets Management CIO Says The Firm Has Assets Stuck on FTX
Ikigai Assets Management CIO Says The Firm Has Assets Stuck on FTX.
In the wake of FTX’s bankruptcy filing on Friday, Puerto Rican crypto asset management startup Ikigai Asset Management could not withdraw much of its assets.
The assets stuck alongside everyone
FTX collapse exposure is being revealed by more and more companies, Travis Kling, chief investment officer (CIO) of Ikigai Asset Management, tweeted about the exposure.
Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We’re now stuck alongside everyone else.
— Travis Kling (@Travis_Kling) November 14, 2022
“Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse,” he started the tweet.
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“We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We’re now stuck alongside everyone else.”
As a crypto asset management firm launched in 2018, Ikigai is part of a larger stable of crypto investment firms including Seven Seven Six, Multicoin Capital, and Grayscale Bitcoin Trust.
Blaming himself for the loss
According to Kling, the loss was entirely his fault, as he mishandled risk after investors put their faith in him to manage risks. I am truly sorry for that.” he said.
“I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong,” added him.
He said the firm will continue to trade its remaining assets, and it will decide what to do about its venture fund, which was not affected by the collapse of FTX.
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Within the next few weeks and months, the timeline for FTX customers’ recovery will become clearer.
“Over the coming weeks and months, the timeline and potential recovery for FTX customers will become clearer. Right now, it’s really hard to say. At some point, we’ll be able to make a better call on whether Ikigai is going to keep going or just move into winddown mode,” he said.
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