Founder Travis Kling disclosed the company’s exposure to FTX on Twitter and stated that it could not retrieve most of its funds.
Founder Takes Responsibility
One of the latest hedge funds to fall victim to the FTX debacle is the California-based hedge fund Ikigai Asset Management. On Monday, the firm’s founder and Chief Investment Officer, Travis Kling, took to Twitter to disclose the news to the community while also expressing regret and apologizing for the poor investment decision. He explained that a significant portion of the hedge fund’s total assets was held on FTX. The firm tried to withdraw it all on Monday, but was, unfortunately, able to retrieve “very little.”
The hedge fund had banked heavily on the FTX brand. In fact, Kling had repeatedly endorsed the bankrupt crypto exchange in the past, a fact that he acknowledged and apologized for in his Twitter thread. He has taken full responsibility for the loss and acknowledged his judgment error in his tweets.
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