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.
Temasek said it had$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 as of 31 March 2022," it said.It said the thesis for its funding of FTX was to invest in a leading digital asset exchange that would provide it with "protocol agnostic and market neutral exposure" to crypto markets with a fee income model and no trading or balance sheet risk.
"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," it said. Reporting by Anshuman Daga in Singapore; Additional reporting by Sameer Manekar in Bengaluru; Editing by Christopher Cushing
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