As FTX collapses, Temasek becomes latest backer to write down $275 mln funding

Temasek said it had$210 million for a minority stake of about 1% in FTX International, and $65 million for a minority stake of about 1.5% in FTX US, across two funding rounds from October 2021 to January 2022.

"The cost of our investment in FTX was 0.09% of our net portfolio value of S$403 billion as of 31 March 2022," it said.It said the thesis for its funding of FTX was to invest in a leading digital asset exchange that would provide it with "protocol agnostic and market neutral exposure" to crypto markets with a fee income model and no trading or balance sheet risk.

"It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced," it said. Reporting by Anshuman Daga in Singapore; Additional reporting by Sameer Manekar in Bengaluru; Editing by Christopher Cushing

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Temasek writes down $275 million investment in FTXTemasek, Singapore's sovereign wealth fund that manages some $300 billion, has written down hundreds of millions of dollars of investment in FTX to zero. I wanna see headlines on vcs getting fired for these bonkers investments
Source: TheBlock__ - 🏆 464. / 53 Read more »

Temasek Says Its FTX Investment Is Now Worth ZeroThe Singaporean investment fund said it conducted 8 months of due diligence on FTX in 2021 before buying a 1% stake in the exchange. Temasek FTX_Official thesamreynolds WOW Temasek FTX_Official thesamreynolds Smart move if they recoup anything it will be like winning lottery Temasek FTX_Official thesamreynolds some of the growing exchanges in singapore.
Source: CoinDesk - 🏆 291. / 63 Read more »