FTX’s bankruptcy is affecting a lot of companies. Now, Crypto Hedge Fund Ikigai Fund has officially joined the fray. On November 14, 2022, Ikigai Fund revealed that they have been deeply affected by the FTX crisis.
The founder and chief investment officer of Ikigai Fund Travis Kling took it to twitter and announced the bad news. He revealed that the company has a large amount of assets located in FTX which is now bankrupt. They tried to withdraw on Monday morning, but only managed to salvage a bit of their assets. He tweeted:
“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.”
At the moment, the crypto investment firm will resume trading its assets that are not stuck in FTX. They will also decide the future plans of their venture funds that were unaffected by the FTX crisis. Unfortunately, the firm is unsure of their timeline and chances of recovery. They are still thinking if they should continue their operations or start winding it down.
Kling believes that a lot of bad actors and sociopaths are dominating the crypto market. Now, everyone needs to work extra hard and recover from the devastation. If Ikigai Fund persist on, they will fight harder. He also mentioned 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. Bitcoin is trustless. Then we built all these trusted things around it, and those things have failed catastrophically.”
Closing Thoughts
Many crypto firms are publicly revealing their losses to the FTX crisis. It is unlikely that the market will recover immediately. However, I believe that persistence will bring good results. A lot of exchanges such as MEXC are doing great despite the negativity of the markets. In fact, we are organizing a lot of activities filled with incentives for traders to bounce back. Check it out now! In the meantime, stay tuned on the industry news with MEXC and check out our recent articles. We believe that an educated audience is the best audience. So what are you waiting for? Start your crypto journey with MEXC today!
