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

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FTX filed for bankruptcy in the US on Friday (Nov 11), 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 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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