Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! Temasek wrote that they believe “exchanges form a key part of global financial systems” and their goal with FTX was “to invest in a leading digital asset exchange” that had “a fee income model and no trading or balance sheet risk.
“Similar to all investments, we conducted an extensive due diligence process on FTX, which took approximately 8 months from February to October 2021,” they wrote. “During this time, we reviewed FTX’s audited financial statement, which showed it to be profitable.” Temasek wrote that they looked at regulatory and cybersecurity risks and sought advice from “external legal and cybersecurity specialists in key jurisdictions.
“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,” they wrote.
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