Statement from Giant Cryptocurrency Fund: “Our Assets Are Stuck in FTX!”

a Puerto Rico-based cryptocurrency asset management startup Ikigai Asset Management held “the vast majority” of its assets in FTX and was unable to withdraw most of those assets after the exchange filed for bankruptcy protection Friday.

“We Are Stuck in FTX Like Everyone else”

Travis Kling, the company’s Chief Investment Officer, said in a message shared on Twitter:

“Now we are stuck with everyone else. This was entirely my fault, not anyone else’s. After my investors trusted me to manage the risk, I lost their money and I’m really sorry about that.

Unfortunately, I have some pretty bad news to share. He was involved in the Ikigai FTX crash last week. We held the majority of the hedge fund’s total assets in FTX. When we went to withdraw money on Monday, we were able to withdraw very little. Now we’re stuck with everyone else.”

Kling said the firm will continue to buy and sell its remaining assets and decide what to do with the other venture fund that was unaffected by FTX’s collapse. He said the potential recovery timeline for FTX customers will become clear in the coming weeks and months.

Ikigai announced in May that it had raised $30 million for a web3-focused venture fund.

Kling continued his statements as follows:

“I believe that the whole concept of trust needs to be completely redesigned if crypto is to recover and continue its journey to make the world a better place.

I’ve publicly supported FTX many times and I’m really sorry for that. I was wrong.”

*Not investment advice.

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