Crypto Hedge Fund Ikigai has Significant Exposure to the Insolvent FTX

November 15, 2022

MCP News Free

Crypto Hedge Fund Ikigai has Significant Exposure to the Insolvent FTX

The collapse of one of the world’s leading cryptocurrency exchanges FTX has spread its tentacles to other crypto firms, according to a recent revelation, a major crypto hedge fund has significantly been affected.

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Ikigai Hedge Fund Revealed its Exposure to FTX

The crypto investment fund Ikigai has revealed its exposure to the bankrupt FTX in a recent tweet by the founder of the Ikigai fund, Travis Kling.

“We had a large majority of the hedge fund’s total assets on FTX,” Kling tweeted. “By the time we went to withdraw Monday [morning], we got very little out. We’re now stuck alongside everyone else.”

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

The fund was launched in 2018, it is a crypto-focused asset management investment firm, there are other similar firms like Multicoin Capital, Grayscale Bitcoin Trust, and Seven Seven Six.

According to Kling, “It was entirely my fault and not anyone else’s,” he continued. “I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.”

It was entirely my fault and not anyone else’s. I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.
— Travis Kling (@Travis_Kling) November 14, 2022

Kling furthered that;

“If crypto is to recover and continue on its journey to make the world a better place, I believe the entire concept of trust has to be completely rearchitected,” Kling said. “Bitcoin is trustless. Then we built all these trusted things around it, and those things have failed catastrophically.”

FTX a few days after its collapse, filed for creditors’ protection, and since the filing, quite a lot of crypto firms have been disclosing their exposure to the insolvent firm, a few of them are Ontario Teachers Pension Fund and crypto investment group CoinShares.

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