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HomeCryptocurrencySingapore’s Temasek Writes Off $275 Million FTX Funding

Singapore’s Temasek Writes Off $275 Million FTX Funding


Singapore’s state-owned investor, Temasek Holdings introduced on Thursday that it could be writing off its whole $275 million funding into the collapsed cryptocurrency trade, FTX.

It invested $210 million for round a 1 % stake in FTX Worldwide and $65 million for about 1.5 % in FTX US. Each corporations have now filed for Chapter 11 chapter safety in the US.

“In view of FTX’s monetary place, we’ve got determined to put in writing down our full funding in FTX, regardless of the end result of FTX’s chapter safety submitting,” the investor said in a press launch.

Temasek manages a portfolio of S$403 billion ($294.3 billion) and is owned by the Authorities of Singapore. Its early-stage investments make up about 6 % of its internet portfolio worth, and the price of the FTX funding was solely 0.09 % of the entire determine.

The investor additional highlighted that it has no direct publicity to cryptocurrencies.

“There are inherent dangers at any time when we make investments, divest, or maintain our property, and wherever we function. Whereas this write-down of our funding in FTX won’t have a big affect on our general efficiency, we deal with any funding losses significantly, and there will probably be learnings for us from this,” Temasek added.

The Singapore investor adopted Tender Financial institution Group’s Imaginative and prescient Fund and Sequoia Capital in writing off their FTX funding to zero. The Imaginative and prescient Fund has a $100 million funding into FTX, whereas Sequoia, together with a sister fund, held a $210 million stake within the crypto trade.

Established in 2019, FTX was an aggressively rising cryptocurrency trade that was valued at $34 billion in its final funding spherical. Nonetheless, the multi-billion greenback empire of Sam Bankman-Fried collapsed inside days, revealing some horrific enterprise practices of his and his prime administration.

The trade has been blamed for utilizing a portion of shopper funds for taking positions within the cryptocurrency market and is now reportedly going through regulatory scrutiny. Moreover, the regulators in Cyprus and Australia suspended the regulatory license of the native FTX entities.

Lawsuit Naming Celebrities

An Oklahoma-based FTX investor, on behalf of different buyers, filed a lawsuit towards the collapsed cryptocurrency trade for ‘misrepresentations and omissions’, even naming high-profile celebrities and buyers who endorsed the trade. Other than Sam Bankman-Fried, different names within the lawsuit are American soccer star Tom Brady and his supermodel former spouse Gisele Bundchen, retired basketball participant Shaquille O’Neal, tennis Grand Slam champion Naomi Osaka, actor and comic Larry David and billionaire investor Kevin O’Leary.

Singapore’s state-owned investor, Temasek Holdings introduced on Thursday that it could be writing off its whole $275 million funding into the collapsed cryptocurrency trade, FTX.

It invested $210 million for round a 1 % stake in FTX Worldwide and $65 million for about 1.5 % in FTX US. Each corporations have now filed for Chapter 11 chapter safety in the US.

“In view of FTX’s monetary place, we’ve got determined to put in writing down our full funding in FTX, regardless of the end result of FTX’s chapter safety submitting,” the investor said in a press launch.

Temasek manages a portfolio of S$403 billion ($294.3 billion) and is owned by the Authorities of Singapore. Its early-stage investments make up about 6 % of its internet portfolio worth, and the price of the FTX funding was solely 0.09 % of the entire determine.

The investor additional highlighted that it has no direct publicity to cryptocurrencies.

“There are inherent dangers at any time when we make investments, divest, or maintain our property, and wherever we function. Whereas this write-down of our funding in FTX won’t have a big affect on our general efficiency, we deal with any funding losses significantly, and there will probably be learnings for us from this,” Temasek added.

The Singapore investor adopted Tender Financial institution Group’s Imaginative and prescient Fund and Sequoia Capital in writing off their FTX funding to zero. The Imaginative and prescient Fund has a $100 million funding into FTX, whereas Sequoia, together with a sister fund, held a $210 million stake within the crypto trade.

Established in 2019, FTX was an aggressively rising cryptocurrency trade that was valued at $34 billion in its final funding spherical. Nonetheless, the multi-billion greenback empire of Sam Bankman-Fried collapsed inside days, revealing some horrific enterprise practices of his and his prime administration.

The trade has been blamed for utilizing a portion of shopper funds for taking positions within the cryptocurrency market and is now reportedly going through regulatory scrutiny. Moreover, the regulators in Cyprus and Australia suspended the regulatory license of the native FTX entities.

Lawsuit Naming Celebrities

An Oklahoma-based FTX investor, on behalf of different buyers, filed a lawsuit towards the collapsed cryptocurrency trade for ‘misrepresentations and omissions’, even naming high-profile celebrities and buyers who endorsed the trade. Other than Sam Bankman-Fried, different names within the lawsuit are American soccer star Tom Brady and his supermodel former spouse Gisele Bundchen, retired basketball participant Shaquille O’Neal, tennis Grand Slam champion Naomi Osaka, actor and comic Larry David and billionaire investor Kevin O’Leary.



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