$210 million for a minority stake of about 1 per cent in FTX International, and $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.
"The cost of our investment in FTX was 0.09 per cent of our net portfolio value of $403 billion as of March 31, 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.
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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 to write down US$275m investment in FTX, says belief in ex-CEO Sam Bankman-Fried 'would appear to have been misplaced'SINGAPORE — Temasek Holdings will write down its full investment of US$275 million (S$376.7 million) in FTX, acknowledging that its belief in the cryptocurrency exchange’s former CEO Sam Bankman-Fried “would appear to have been misplaced”. “In view of FTX’s financial position, we have decided t Where is the due diligence? More 'experts' exposed 🤡 Thats a big misplacement
Source: TODAYonline - 🏆 1. / 99 Read more »