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Singapore’s Temasek writes down $275 million investment in FTX
Regardless of the outcome of FTX's bankruptcy case, Singapore's state investor Temasek Holdings stated on Thursday that it will write down the value of its entire investment in the defunct cryptocurrency exchange.
Regardless of the outcome of FTX's bankruptcy case, Singapore's state investor Temasek Holdings stated on Thursday that it will write down the value of its entire investment in the defunct cryptocurrency exchange.
Regardless of the outcome of FTX's bankruptcy case, Singapore's state investor Temasek Holdings stated on Thursday that it will write down the value of its entire investment in the defunct cryptocurrency exchange.
Temasek reported investing a total of $275 million between October 2021 and January 2022 for a minority interest of about 1% in FTX International and around 1.5% in FTX U.S. This is 0.09% of its net portfolio value, which as of March-end was S$403 billion ($294.23 billion).
On November 11, FTX declared bankruptcy, causing an estimated million clients and other investors to suffer total losses amounting to billions of dollars. Bitcoin and other digital assets fell as a result of the crash, which rippled across the cryptocurrency community.
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