{"id":14486,"date":"2022-11-14T22:16:11","date_gmt":"2022-11-14T22:16:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ikigai-exec-says-large-majority-of-crypto-asset-management-firms-funds-stuck-on-ftx-bitcoin-news\/"},"modified":"2022-11-14T22:16:11","modified_gmt":"2022-11-14T22:16:11","slug":"ikigai-exec-says-large-majority-of-crypto-asset-management-firms-funds-stuck-on-ftx-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ikigai-exec-says-large-majority-of-crypto-asset-management-firms-funds-stuck-on-ftx-bitcoin-news\/","title":{"rendered":"Ikigai Exec Says ‘Large Majority’ of Crypto Asset Management Firm’s Funds Stuck on FTX \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After Kevin Zhou, the co-founder of the hedge fund Galois Capital, revealed half of the firm\u2019s assets were held on FTX, another crypto asset management firm called Ikigai detailed that \u201ca large majority of the hedge fund\u2019s total assets\u201d were stored on FTX. Ikigai chief investment officer, Travis Kling, told the public on Twitter and he said there\u2019s \u201ca lot of uncertainty about what\u2019s going to happen next.\u201d<\/strong><\/p>\n

Ikigai Chief Investment Officer Shares \u2018Some Pretty Bad News\u2019<\/h2>\n

Another hedge fund has detailed it has lost money from the FTX scandal, according to a Twitter thread <\/a>published by Ikigai\u2019s chief investment officer Travis Kling. \u201cUnfortunately,\u201d Kling said. \u201cI have some pretty bad news to share. Last week Ikigai<\/a> was caught up in the FTX collapse. We had a large majority of the hedge fund\u2019s total assets on FTX. By the time we went to withdraw Monday [morning], we got very little out. We\u2019re now stuck alongside everyone else.\u201d<\/p>\n

A similar situation<\/a> happened to the hedge fund Galois Capital, according to the company\u2019s co-founder Kevin Zhou. The Galois co-founder noted that his firm had \u201croughly half\u201d of the firm\u2019s capital \u201cstuck on FTX.\u201d Kling\u2019s thread published on Nov. 14, 2022, details that Ikigai has been \u201cin constant communication\u201d with the hedge fund\u2019s investors since Monday.<\/p>\n

\u201cThe amount of support we\u2019ve received has been astonishing given the circumstances, and deeply heartwarming,\u201d Kling remarked. However, Kling further stressed that he wasn\u2019t too pleased with the decisions he made. Kling said:<\/p>\n

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It was entirely my fault and not anyone else\u2019s. I lost my investors\u2019 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.<\/p>\n<\/blockquote>\n

Galois and Ikigai are not the only companies that have shared exposure to the FTX fallout. Reports<\/a> show that the crypto venture capital firm Multicoin Capital had $25 million stuck on FTX. Furthermore, Galaxy Digital published its third-quarter earnings report and explained<\/a> it has an \u201cexposure of approximately $76.8 million of cash and digital assets to FTX.\u201d<\/p>\n

The crypto exchange FTX filed<\/a> for bankruptcy protection in the U.S. on Nov. 11, 2022. The company\u2019s creditors will now have to deal with bankruptcy court proceedings going forward. Galois\u2019s Zhou told his investors that the bankruptcy process may take years.<\/p>\n

\u201cOver the coming weeks and months, the timeline and potential recovery for FTX customers will become clearer,\u201d Ikigai\u2019s CIO Kling said. \u201cRight now, it\u2019s really hard to say. At some point, we\u2019ll be able to make a better call on whether Ikigai is going to keep going or just move into winddown mode,\u201d the executive added.<\/p>\n

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\nTags in this story
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Bankruptcy Court<\/a>, bankruptcy protection<\/a>, Crypto<\/a>, crypto assets<\/a>, FTX Bankruptcy<\/a>, FTX insolvency<\/a>, Galaxy Digital<\/a>, Galois Capital<\/a>, hedge fund<\/a>, Hedge Funds<\/a>, Ikigai<\/a>, Ikigai fund<\/a>, Ikigai\u2019s CIO<\/a>, Kevin Zhou<\/a>, Multicoin Capital<\/a>, potential recovery<\/a>, Travis Kling<\/a><\/div>\n<\/div>\n

What do you think about the hedge fund Ikigai having funds stuck on FTX? Let us know your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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