The Singapore government-owned investment firm Temasek said in a statement that it will write down its entire investment in FTX “irrespective of the outcome of FTX’s bankruptcy protection filing.”
Temasek stated it invested $210 million in FTX International and $65 million in FTX US, totaling 0.09% of its net portfolio value of S$403 billion (approximately $293 billion USD).
They also stated that they “currently have no direct exposure in cryptocurrencies.”
Temasek had conducted an extensive due diligence process on FTX for 8 months which included reviewing FTX’s audited financial statements. It also focused on licensing and regulatory compliance and consulting with external legal and cybersecurity specialists in the legal and regulatory review done for the investments.
However, following the fall of FTX, Temasek has stated, “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.”
Also Read: Genesis’ Crypto-Lending Arm Suspends Withdrawals Following FTX Crash
