Temasek: We have decided to write down our full investment (S$377 million) in FTX - Singapore News

Temasek Holdings issued a statement on Thursday saying it will be writing down its investment in cryptocurrency exchange companyTo write down an asset is to reduce its value for tax and accounting purposes, but the asset still retains some value. It is not the same as writing off an asset, which negates its present and future value., leading to the possibility that all of its investors would lose everything they’ve put into the cryptocurrency exchange giant if the company cannot be saved.

Temasek, which is owned by the government of Singapore, clarified in its statement that it currently has “no direct exposure in cryptocurrencies”.“We invested US$210 million for a minority stake of ~1% in FTX International, and invested US$65 million for a minority stake of ~1.5% in FTX US, across 2 funding rounds from October 2021 to January 2022.

There have been misperceptions that our investment in FTX is an investment into cryptocurrencies. To clarify, we currently have no direct exposure in cryptocurrencies.” “If these statements are true, then this amounts to serious misconduct or fraud at FTX. All of this is currently being investigated by the regulators.”

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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 »

Temasek writes down $275m investment in FTXSINGAPORE - 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,'...
Source: asiaonecom - 🏆 10. / 59 Read more »