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 said that it has invested a total of $265 million in FTX International and $210 million in FTX US. This represents 0.09% of Temasek’s net portfolio value, which is about $293 billion USD.
In addition to this, they added that “at the present time, we do not have any direct exposure in cryptocurrencies.”
Temasek invested eight months into carrying out a comprehensive due diligence investigation into FTX, during which time it reviewed the company’s audited financial accounts. During the process of doing the legal and regulatory assessment for the investments, it was also important to concentrate on licensing and regulatory compliance, as well as working with outside legal and cybersecurity professionals.
Temasek has stated that following the decline of FTX, 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.” FTX’s decline has led Temasek to make this statement.
Compiled by Coinbold