Travis Kling, founder of cryptocurrency investment company Ikigai, said that the fund lost most of the investments invested in the defaulting FTX trading platform.
Travis Kling revealed that the vast majority of the hedge fund's holdings were in FTX. On Monday morning, Ikigai tried to withdraw capital, but it was only able to withdraw a small portion of the assets. The main part of the capital is now blocked on the exchange. The founder of Ikigai fully admitted his guilt in what happened and repents of the excessive trust in FTX:
“It was entirely my fault, not anyone else's. I lost my investors' money after they believed I could manage risk, and I sincerely regret it. I have publicly supported FTX many times and sincerely regret it. I was wrong".
In the coming months, it will become clear whether Ikigai will be able to continue its activities or leave the market. Kling added that despite the uncertain future of the company, the fund will continue to manage the capital of investors. Ikigai now faces the task of deciding how to dispose of the remaining assets unaffected by the FTX collapse, he said.
Kling added that he was completely disillusioned with the crypto industry and had no idea how it would recover from such a severe shock. He believes that the whole concept of trust in the crypto industry needs to be completely redesigned. Bitcoin is unreliable, so “it is not clear why we built so many registered companies around it that lost everything during the catastrophic failure,” the founder of Ikigai said.
However, Bitcoin Policy co-founder David Zell believes that the bankruptcy of FTX will increase confidence in bitcoin.
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