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- Ikigai Asset Management had a large hedge fund on the FTX exchange.
- FTX Group has already filed for insolvency.
- Crypto market had a current market cap of $850B.
Another Company Affected FTX Fall
Since the FTX Group has filed for the Bankruptcy Chapter 11 of the Banking Code, several firms are separating their associations from SBF-backed companies. Recently, Travis Kling, Ikigai Asset Management’s founder, took to Twitter that they had a majority of hedge funds on the crypto exchange but they withdrew only a little amount of assets.
Though the FTX fall has not affected his organization, he is in touch with the investors and has apologized to them for the loss of funds. He said that he feels truly sorry for what they had to face because of him and his company. The company will start trading the assets they do not have on the SBF-backed crypto exchange.
But Travis has expressed his uncertainty on whether the Ikigai Asset Management will continue to strive in the sector or not. He added that he is pretty disgusted with the present conditions in the cryptosphere. His anger expressed in the thread was quite understandable and reasonable concerning the great influence demonstrated by the founder of the biggest crypto exchange.
The crypto sector’s turmoil this year has delivered a lot of shocks to the industry leaders. Experts believe that crypto winter will stay for long, while some acclaimed forex traders like Justin Bennet think that it has started to end. Virtual assets were on a path to recovery, but then, SBF happened.
Travis Kling has claimed that the industry is lacking behind recognizing and kicking out the malicious actors in the sector. He alleges that people in this space are allowing some entities to become extremely powerful. He also “pledged to fight harder” if his organization remains intact in future.
Finally he asked the people of the crypto community to have empathy for the others in the sector as the space is already crawling with bad actors whom they can fall victim to. The digital asset space is having a massive downturn, and it appears like the FTX event has just given a boost to the crypto winter.
Cryptocurrency sector had a market capitalization of $850B at the publication time. It managed to crawl back up to $1 Trillion levels somehow during the beginning of November 2022, but eventually plunged and struggled to go back up. Bitcoin had a market dominance of 38.2% whereas Ethereum holds 18.3% currently.
The fall of Sam Bankman-Fried’s sprawling $32 Billion empire had a massive influence on a large number of investors. Many things are expected to come out of the event as the timeline moves forward.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
