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Crypto Asset Management Firm CIO Has ‘Some Pretty Bad News to Share

Crypto Asset Management Firm CIO Has ‘Some Pretty Bad News to Share

Travis Kling, co-CIO of crypto asset management firm Ikigai Asset Management, recently shared “some bad news” about the collapse of crypto exchange FTX. On November 10, 2022, Sam Bankerman-Fried (aka “SBF”), co-founder and former CEO of bankrupt cryptocurrency exchange FTX International, took to Twitter to discuss how he got “fucked”.

And so, on the same day, SBF announced the collapse of the FTX empire:2) Once again, I’m so sorry I ended up here. Hopefully, things will find a way to bounce back. This can bring you some level of transparency, trust and governance. In the end, it can be better for customers.

He continued: “We have been in constant communication with our investors since Monday. The amount of support we have received has been overwhelming and profoundly moving under the circumstances… It was entirely my fault and nobody else’s fault. I lost my investor’s money after they trusted me with risk management, and I’m so sorry that I publicly supported FTX many times and I’m so sorry.

I was wrong…

“There is a great deal of uncertainty about what will happen next. In the short term, Ikigai will continue to trade whatever assets we have left that are not linked to FTX. We will also be deciding on what to do with our venture fund that FTX did not impact… The timeline and eventual recovery for FTX clients will become more apparent in the coming weeks and months. It’s tough to say now. Be able to make a better call when Will Ikigai continues or goes into chill mode.

Much talking about broader issues could be done now, but I don’t have it right now. I’m disgusted with space and a bit sick with humanity in general… I’m speechless at the depth and breadth of the shit that permeates cryptocurrencies. So many damn sociopaths have been given a chance to do so much damage. It’s hard for me to imagine space recovering quickly from this ordeal. Too many burned too badly.

If cryptocurrencies are to recover and continue their journey to improve the world, trust must be completely redesigned. Things have gone disastrously wrong… It’s now apparent that space needs to do more to identify and shut out bad actors. We allow too many sociopaths to become too powerful, and then we will all pay the price. If Ikigai proceeds, we commit to Fight harder in this regard. It’s a fight worth fighting.

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