California-based hedge fund Ikigai Asset Management had a "large majority" of its assets on defunct crypto exchange FTX, according to the firm's founder and chief investment officer Travis Kling.

"Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX," Kling said on Twitter on Monday. "By the time we went to withdraw Monday mrng, we got very little out. We’re now stuck alongside everyone else."

In his Twitter thread, Kling said that in the near term, the company would continue trading the assets it has that are not stuck in FTX, and also make a decision about what to do with its venture fund, which was not affected by FTX.

He noted that there is a lot of uncertainty about the timeline and potential recovery for FTX customers. But at some point, he said “we’ll be able to make a better call on whether Ikigai is going to keep going or just move into winddown mode.”

Ikigai was founded in 2018 and raised $30 million from its existing investors to start a new venture fund in May. According to a press release about the raise, Ikigai had more than 275 investors around the world.