Ikigai Asset Management has been swept up in the FTX mess after it had “a large majority” of its total assets on the bankrupt digital asset exchange, according to Travis Kling, the firm’s founder and chief investment officer.
When the firm attempted to withdraw its assets, “we got very little out. We’re now stuck alongside everyone else,” Kling, who used to work as a portfolio manager at Steven Cohen’s hedge fund Point72, tweeted Monday.
Kling said it is unclear if Ikigai will be wound down or continue its operation, as the timeline and potential recovery for FTX customers remains uncertain.
Last week, FTX, once the world’s third largest crypto exchange, filed for Chapter 11 bankruptcy in the U.S., along with about 130 additional affiliated companies.
“I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong,” Kling tweeted Monday. “I’m pretty disgusted with the space as a whole and kinda humanity in general,” he added.
Representatives at Ikigai didn’t immediately respond to a request seeking comments for this article.
prices were down about 2% in the past 24 hours trading near $16,200 on Monday at last check, or about 65% lower on the year so far, according to CoinDesk.