SINGAPORE — Temasek Holdings will write down its full investment of US$275 million in FTX, acknowledging that its belief in the cryptocurrency exchange’s former CEO Sam Bankman-Fried “would appear to have been misplaced”.
Temasek said it had invested US$210 million for a minority stake of about 1 per cent in FTX International, and US$65 million for a minority stake of about 1.5 per cent in FTX US, across two funding rounds from October 2021 to January 2022. It added that there have been “misperceptions that our investment in FTX is an investment into cryptocurrencies”.Temasek said that it had conducted an “extensive due diligence process on FTX, which took approximately eight months from February to October 2021”.The firm said it recognised that “while our due diligence processes may mitigate certain risks, it is not practicable to eliminate all risks”.
Instead, FTX's shocking demise should underline how important it is for investors to study the risks they take when they park their money in a lightly regulated industry, they added.
The thing is, if this pushes crypto towards more regulation, it kinda defeats the purpose of having crypto in the first place .
Thats a big misplacement
More 'experts' exposed 🤡
Where is the due diligence?
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Temasek to write down US$275 million investment in cryptocurrency exchange FTX'It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried ... would appear to have been misplaced,' Temasek said. Big problem make it look small. Small problem make it look big. The Art of 'Tai-chi'. Wat a waste......money spent on the poor of the poorest.....is much better than throwing good money away for nothing.....somebody gotta answer for it. The person who approved this investment should be fired. There was clearly a lack of due diligence
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
As FTX collapses, Temasek becomes latest backer to write down $275 million fundingSINGAPORE : 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, Can write off $275 million USD but fight like hell to implement extra 2% GST Tax payer monies down the alice in wonderland rabbit hole. Due deligence failure - investing in a company registered in the Bahamas. Akin to asking the pirates to keep your gold.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US House committee to hold hearing on collapse of FTXWASHINGTON : The U.S. House Financial Services Committee plans to hold a hearing in December on the collapse of cryptocurrency exchange FTX.The committee said it expects to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »