{"id":14589,"date":"2022-11-18T07:09:08","date_gmt":"2022-11-18T07:09:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/singapore-governments-temasek-writes-down-275m-investment-in-collapsed-crypto-exchange-ftx-featured-bitcoin-news\/"},"modified":"2022-11-18T07:09:08","modified_gmt":"2022-11-18T07:09:08","slug":"singapore-governments-temasek-writes-down-275m-investment-in-collapsed-crypto-exchange-ftx-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/singapore-governments-temasek-writes-down-275m-investment-in-collapsed-crypto-exchange-ftx-featured-bitcoin-news\/","title":{"rendered":"Singapore Government’s Temasek Writes Down $275M Investment in Collapsed Crypto Exchange FTX \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Singapore government\u2019s Temasek has written down the full value of its $275 million investment in the bankrupt crypto exchange FTX. \u201c<\/strong>Our belief in the actions, judgment, and leadership of Sam Bankman-Fried \u2026 would appear to have been misplaced,\u201d Temasek admitted.<\/strong><\/p>\n

Temasek\u2019s Investments in FTX Now Worth $0<\/h2>\n

The Singapore government\u2019s Temasek Holdings issued a statement regarding its investments in FTX Thursday after the cryptocurrency exchange filed for bankruptcy<\/a>.<\/p>\n

Temasek is a global investment company headquartered in Singapore with a portfolio valued at $403 billion Singapore dollars (US$294 billion). Temasek was established to own and manage the assets previously held by the Singapore government; the government is the sole equity shareholder of Temasek.<\/p>\n

The investment firm explained:<\/p>\n

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We invested US$210 million for a minority stake of ~1% in FTX International, and invested US$65 million for a minority stake of ~1.5% in FTX US, across 2 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.<\/p>\n<\/blockquote>\n

\u201cThere have been misperceptions that our investment in FTX is an investment into cryptocurrencies. To clarify, we currently have no direct exposure in cryptocurrencies,\u201d the firm emphasized.<\/p>\n

Temasek proceeded to explain that \u201cSimilar to all investments, we conducted an extensive due diligence process on FTX, which took approximately 8 months from February to October 2021.\u201d<\/p>\n

The company added: \u201cReports have since surfaced that customer assets were mishandled and misused in FTX. If these statements are true, then this amounts to serious misconduct or fraud at FTX. All of this is currently being investigated by the regulators.\u201d Temasek continued:<\/p>\n

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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 .<\/p>\n<\/blockquote>\n

Temasek added:<\/p>\n

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In view of FTX\u2019s financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX\u2019s bankruptcy protection filing.<\/p>\n<\/blockquote>\n

\u201cThere are inherent risks whenever we invest, divest, or hold our assets, and wherever we operate. While this write down of our investment in FTX will not have significant impact on our overall performance, we treat any investment losses seriously and there will be learnings for us from this,\u201d the firm concluded.<\/p>\n

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ftx<\/a>, FTX investments<\/a>, Sam Bankman-Fried<\/a>, Singapore<\/a>, Singapore Government<\/a>, state-owned<\/a>, Temasek<\/a>, Temasek crypto<\/a>, Temasek cryptocurrency<\/a>, Temasek FTX<\/a>, Temasek Sam Bankman-Fried<\/a>, Tenasek FTX investments<\/a><\/div>\n<\/div>\n

What do you think about Temasek\u2019s explanation about its FTX investments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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