Ikigai Exec Says 'Large Majority' of Crypto Asset Management Firm's Funds Stuck on FTX.

15 Nov 2022, 08:00

Ikigai Exec Says ‘Large Majority’ of Crypto Asset Management Firm’s Funds Stuck on FTX After Kevin Zhou, the co-founder of the hedge fund Galois Capital, revealed half of the firm’s assets were held on FTX, another crypto asset management firm called Ikigai detailed that “a large majority of the hedge fund’s total assets” were stored on FTX. Ikigai chief investment officer, Travis Kling, told the public on Twitter and he said there’s “a lot of uncertainty about what’s going to happen next.” Ikigai Chief Investment Officer Shares ‘Some Pretty Bad News’Another hedge fund has detailed it has lost money from the FTX scandal, according to a Twitter thread published by Ikigai’s chief investment officer Travis Kling. “Unfortunately,” Kling said. “I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday [morning], we got very little out. We’re now stuck alongside everyone else.” A similar situation happened to the hedge fund Galois Capital, according to the company’s co-founder Kevin Zhou. The Galois co-founder noted that his firm had “roughly half” of the firm’s capital “stuck on FTX.” Kling’s thread published on Nov. 14, 2022, details that Ikigai has been “in constant communication” with the hedge fund’s investors since Monday.