The bankruptcy of FTX has an impact on other businesses. Ikigai Fund, a cryptocurrency hedge fund, has now formally entered the contest. Ikigai Fund announced that they have been severely impacted by the FTX issue on November 14, 2022.

Travis Kling, the Ikigai Fund's founder and chief investment officer, broke the awful news on Twitter. He disclosed that a significant portion of the company's assets are housed in the currently bankrupt FTX. On Monday morning, they attempted to withdraw, but they were only able to save a small portion of their possession. He tweeted:

“It was entirely my fault and not anyone else’s. I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.”

For the time being, the crypto investment firm will resume trading its non-FTX assets. They will also make decisions about the future of their venture funds, which were unaffected by the FTX debacle. Unfortunately, the firm is unsure of their timing and recovery prospects. They are still debating whether to maintain operations or to phase them out.

Kling believes that the crypto market is dominated by negative actors and sociopaths. Everyone must now work extra hard to recover from the destruction. If the Ikigai Fund persists, they will fight even harder.