It’s relatively rare for an institutional investor to make a public statement about a loss on a venture-capital investment, but nothing about FTX International’s $32 billion blow-up and bankruptcy is normal.
Citing recent reports about potential fraud at FTX, Ontario Teachers’ Pension Plan said the development “is deeply concerning for all parties” and that it fully supports efforts by regulators and others to review the risks and causes of failure at the company.
Pensions in a speculative asset like crypto
This is what happens when speculation goes wild. Ever since the advent of online trading and crypto boom people treat these assets like a casino with no care for the genuine underlying value.
Oopsieee, hope my org doesn’t have to make up for this loss for Teachers.
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Pension Giant Ontario Teachers' Plans to Write Off All $95 Million Invested in Crypto Exchange FTXOne of Canada's biggest pension funds with almost $250B in AUM, Ontario Teachers' is writing down its entire $95M investment in bankrupt crypto exchange FTX_Official. Aoyon_A reports FTX_Official Aoyon_A FTX_Official Aoyon_A Did they not also lose funds with Celsius? FTX_Official Aoyon_A RIP to all my teacher friends that will feel the effects of this mismanagement. Pension plans are meant to be fairly low-med risk in order to sustain the value.. who’s bright idea was it to add such a high risk investment to this portfolio🤔
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Ontario Teachers' Pension Plan to write down $95 million FTX investment to zeroOne of the world's largest pension plans is set to write its investment in FTX down to zero following the firm's bankruptcy filings. who is responsible for the DD on the investment? Many were affected by the FTX saga, but some cases are sadder and more worrying as they are more than the 'money' and earns by some people. Many teacher's life is now sadly affected by the actions of some. The real 'magnitude' of the FTX saga is yet to be exposed. Sadly there are still many affected that haven't come to light.
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