Crypto: Hedge Fund Reveals Much of Its Holdings Are Stuck on FTX

Several investment companies, such as the Ontario Teachers’ Pension Plan, said they lost a significant portion of their holdings in the FTX scandal. Many analysts announced at the end of last week that the list of looted should be very long. We have just learned that the crypto hedge fund, Ikigai, is among the victims of the FTX case.

Ikigai no longer has access to a large majority of its assets on FTX

On Monday, Travis Kling, the founder of Ikigai, a crypto hedge fund, announced that his company has joined the list of victims in the FTX case. On Monday, when a withdrawal operation was initiated, Ikigai was only able to obtain a small part of the requested amount. The FTX platform did not authorize the withdrawal of the rest of the balance. However, Kling explains, the vast majority of the fund’s holdings are on the crypto exchange.

“We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw funds on Monday morning, we had withdrawn very little. We are now stuck like everyone else”, he wrote on Twitter. The purpose of the tweet is also to break the news to investors in the crypto fund. Kling has for follow-up : “It’s entirely my fault and no one else’s. I lost my investors money. But they trusted me. I am really sorry. I have publicly endorsed FTX many times and I’m so sorry for that. I was wrong. ».

Travis Kling blames himself for trusting FTX

At this time, King has not discussed how he expects to recover the remaining funds from FTX. He assured that the company will continue to trade the best investments for its clients, with the funds excluding FTX. For him, if the crypto sector is to recover to continue its journey and make the world a better place, the whole concept of trust between players will have to be rebuilt.

Finally, Kling did not rule out the risks that the FTX affair could sink the crypto fund. On the other hand, he indicates that if Ikigai resists the crisis, he is committed to fighting harder to build a better environment for cryptos.

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