Temasek has written off its $275mn stake in cryptocurrency company FTX, with the Singapore state investor saying its trust in former chief executive Sam Bankman-Fried appeared “misplaced”.
Temasek invested $210mm in FTX International and $65mm in the company’s US subsidiary across two funding rounds. The total cost of the investment was 0.09 per cent of its S$403bn (US$293bn) portfolio, it said on Thursday.
Temasek was one of the blue-chip investors in Bankman-Fried’s cryptocurrency exchange, which collapsed into bankruptcy this month. SoftBank’s Vision Fund and Sequoia Capital have also had to mark down their FTX investments to zero.
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