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Temasek Prepares to Write Off Up to $300M Invested in FTX: Bloomberg
Singapore's state investment fund invested $400 million in both FTX and the crypto exchange's U.S. unit.
Updated May 9, 2023, 4:02 a.m. Published Nov 16, 2022, 2:23 p.m.
Singapore's state investment fund Temasek is preparing to write off between $200 million and $300 million, which it invested in bankrupt crypto exchange FTX, Bloomberg reported Wednesday.
Temasek invested in both the FTX mothership and its U.S. wing in concurrent funding rounds of $400 million each in January. The fund is now prepared to write off the entire amount of its investments, according to the report, which cited people familiar with the matter.
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The fund has been among the most high-profile investors in the crypto industry of late: It has also invested in liquidity provider and market maker Amber Group and non-fungible token (NFT) investment firm Animoca Brands this year.
It remains to be seen to what extent having to write off $200 million to 300 million on the back of FTX's dramatic collapse will damp Temasek's appetite for the digital-assets industry. Temasek managed $294 billion in assets as of the end of March, according to Bloomberg.
FTX went from being one of the largest crypto exchanges in the world to filing for bankruptcy in little over a week after irregularities in the balance of sheet of its sister firm Alameda Research came to light following a CoinDesk report on Nov. 2.
Temasek didn't immediately respond to a request for comment.
Read more: The Long Arm of FTX
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