Singapore’s Temasek Reviewing FTX $275M Investment

FTX Temasek Review News: After writing off the $275 million investment into FTX, the Singapore authorities have initiated an internal review into the matter. On Wednesday, Singapore Deputy Prime Minister Lawrence Wong made the announcement. Following the news of FTX’s liquidity crisis earlier in November 2022, Temasek said it was actively engaged with the crypto exchange’s management. Eventually, Binance backed out of the potential takeover deal, leading to a massive crypto crash.

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Reputation Loss To Temasek

The global investment company has a portfolio valued at S$403 billion, with ownership of the Government of Singapore. The development follows BlockFi’s filing for chapter 11 bankruptcy over FTX related crisis. According to a Reuters report, the deputy prime minister expressed disappointment over the FTX loss. Speaking at the country’s parliament, Wong said the loss resulted in reputational damage to Temasek. He further said,

“The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this. The loss did not mean state investor Temasek’s governance system was not working.”

The FTX management, under new CEO John Ray, is going through an overhaul after the shock collapse under founder Sam Bankman-Fried‘s leadership. As part of the company’s bankruptcy move, SBF stepped down from role of chief executive officer. In a recent development, CEO Ray said the company resumed payment of salaries to its workforce around the world.

Also Read: FTX US Users Will Get 100% Of Their Money Back, Says SBF

FTX User Fund Withdrawal

In a latest, FTX Japan made a draft plan for clients to withdraw funds, potentially in January 2023. The plan showed that the Japanese entity had about $94.5 million in assets and $46 million in fiat, according to a Bloomberg report.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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