As FTX collapses, Temasek writes down $275 mln investing funding

2022/11/17 02:07

According to Reuters, Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX's investors. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in a detailed statement on Thursday. Temasek said it had invested $210 million for a minority stake of about 1% in FTX International, and $65 million for a minority stake of about 1.5% in FTX US, across two 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 ($294.3 billion) as of 31 March 2022," it said. Temasek said it currently had no direct exposure in cryptocurrencies. It said it had conducted an extensive due diligence process on FTX from February to October 2021, during which it had reviewed FTX's audited financial statement, which showed it to be profitable.

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