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Kling mentions changes in operations to avoid a situation similar to FTX and expresses interest in a potential exchange relaunch.
The crypto investment firm Ikigai Asset Management has sold its $65 million claim in the FTX bankruptcy case, according to a post on X published by chief investment officer Travis Kling on Friday.
“Six months ago, we had lofty expectations for the price at which we ended up with one, but we were pleased with the price we received,” Kling wrote.
“Since the financial proceeds from the claim sale have been received, all investors who wish to redeem their investments from the fund may do so.”
“A significant portion of the invested capital remains within the fund.”
Kling stated a year ago that the organization maintained a “significant majority” of its assets on FTX and could not liquidate most of them after the exchange declared bankruptcy.
“We made new subscriptions available to existing investors for the first time since the collapse of FTX,” Kling continued. Investors are providing us with additional capital.
According to Kling, Ikigai has altered its operations to prevent “getting ensnared in something similar to FTX again.”
Kling stated that while he would be interested in a relaunch of the exchange, the current pace of development was too sluggish for him to wait.
Kling wrote, “The debtors have botched that process so miserably, and progress has been so sluggish, that it was no longer prudent for us to remain in the claim while we awaited the possibility of an outcome with 2.0.”
Regarding the overall market, he remarked that the potential emergence of a new bull circle appeared imminent.
“Honestly, it’s quite astounding,” he composed. “My deepest wish is that we do not squander that opportunity as an industry.”
“My primary concern is that, in the event of another catastrophic error comparable to the one we made previously, there is a possibility that we will not have another opportunity to attempt it.”