Crypto asset manager Ikigai Asset Management was one of the companies caught up in the collapse of FTX, according to the firm’s founder and chief investment officer Travis Kling, with the majority of its assets on the collapsed exchange. because there was
Unfortunately, I have some pretty bad news to share. Last week, Ikigai was caught in the FTX collapse. Most of the hedge fund’s total assets were in FTX. By the time I withdrew on Monday, I had very few withdrawals. We are now stuck with everyone else.
— Travis Kling (@Travis_Kling) November 14, 2022
However, Kring insisted he has been in constant contact with the company’s investors since Monday and took full responsibility for the loss of funds.
It’s entirely my fault and no one else’s. I lost my investors money after they trusted me to manage their risk. Really sorry. I’ve publicly endorsed FTX many times and I’m really sorry. I was wrong.
— Travis Kling (@Travis_Kling) November 14, 2022
While there is uncertainty about the “timeline and potential recovery of FTX customers,” Kling said the company will continue to trade assets not locked in FTX.
The coming weeks and months will reveal a timeline and potential recovery for FTX customers. It’s really hard to say now. At some point, you’ll be able to make better decisions about whether your ikigai continues or goes into pause mode.
— Travis Kling (@Travis_Kling) November 14, 2022
Additionally, the founders of Ikigai indicated that the company has yet to decide what to do with the FTX-uninfluenced venture fund.
call for a complete rebuild
Travis Kling doesn’t expect a quick recovery from the current crisis.
I am speechless at the depth and breadth of shit that permeates crypto. So many fucking socialists have been given the chance to do so much damage. It is hard to imagine the universe recovering quickly from this ordeal. Too many people have been burned.
— Travis Kling (@Travis_Kling) November 14, 2022
For cryptocurrencies to recover and continue their “journey to make the world a better place,” Kling believes the entire concept of trust will need to be completely redesigned.
“Bitcoin is trustless. Then we built all the trustworthy ones and they failed catastrophically,” said Kling.
A Twitter user named David Lin replied to Kling claiming that CEX is bypassing Bitcoin’s solution, sharing the same sentiments as others about the centralized entity.
I think everyone will point you to the Bitcoin trust issue. Bitcoin was designed to address this very issue. CEX is just a way around the solution offered by Bitcoin.
— David Lin (@rayhan_inv) November 14, 2022
Founded in 2018, Ikigai raised $30 million from existing investors last May to launch a new venture fund, the Ikigai Trust Revolution Opportunities Fund, to invest in early-stage Web3 initiatives.
a press release The launch of the Ikigai Trust Revolution Opportunities Fund marks a departure from Ikigai’s historical investment approach, which has focused primarily on systematic, model-driven exposure to Bitcoin over the past few years. .
