Singapore Government’s Temasek Writes Down $275M Investment in Collapsed Crypto Exchange FTX

Singapore government’s Temasek has written down the afloat worth of its $275 cardinal concern successful the bankrupt crypto speech FTX. “Our content successful the actions, judgment, and enactment of Sam Bankman-Fried … would look to person been misplaced,” Temasek admitted.

Temasek’s Investments successful FTX Now Worth $0

The Singapore government’s Temasek Holdings issued a connection regarding its investments successful FTX Thursday aft the cryptocurrency speech filed for bankruptcy.

Temasek is simply a planetary concern institution headquartered successful Singapore with a portfolio valued astatine $403 cardinal Singapore dollars (US$294 billion). Temasek was established to ain and negociate the assets antecedently held by the Singapore government; the authorities is the sole equity shareholder of Temasek.

The concern steadfast explained:

We invested US$210 cardinal for a number involvement of ~1% successful FTX International, and invested US$65 cardinal for a number involvement of ~1.5% successful FTX US, crossed 2 backing rounds from October 2021 to January 2022. The outgo of our concern successful FTX was 0.09% of our nett portfolio worth of S$403 cardinal arsenic of 31 March 2022.

“There person been misperceptions that our concern successful FTX is an concern into cryptocurrencies. To clarify, we presently person nary nonstop vulnerability successful cryptocurrencies,” the steadfast emphasized.

Temasek proceeded to explicate that “Similar to each investments, we conducted an extended owed diligence process connected FTX, which took astir 8 months from February to October 2021.”

The institution added: “Reports person since surfaced that lawsuit assets were mishandled and misused successful FTX. If these statements are true, past this amounts to superior misconduct oregon fraud astatine FTX. All of this is presently being investigated by the regulators.” Temasek continued:

It is evident from this concern that possibly our content successful the actions, judgement and enactment of Sam Bankman-Fried, formed from our interactions with him and views expressed successful our discussions with others, would look to person been misplaced .

Temasek added:

In presumption of FTX’s fiscal position, we person decided to constitute down our afloat concern successful FTX, irrespective of the result of FTX’s bankruptcy extortion filing.

“There are inherent risks whenever we invest, divest, oregon clasp our assets, and wherever we operate. While this constitute down of our concern successful FTX volition not person important interaction connected our wide performance, we dainty immoderate concern losses earnestly and determination volition beryllium learnings for america from this,” the steadfast concluded.

What bash you deliberation astir Temasek’s mentation astir its FTX investments? Let america cognize successful the comments conception below.

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