Temasek cut the pay of the staff responsible for its investment in FTX.
Photo: IANS
investment gone wrong
Between October 2021 and January 2022, the fund invested a total of $275 million in FTX. In the first round it invested $210 million, while in the second it added another $65 million.
The investment fund said it was "disappointed with the outcome of our investment and the negative impact on our reputation," IANS reported, citing the BBC.
reputation hit
Ripples from the FTX collapse
FTX collapsed in November 2022, after the world's largest cryptocurrency exchange Binance dropped out of a deal to acquire the company after conducting due diligence. The same year, Temasek paid off all of the $275 million it invested in FTX, according to the report.
"The fact that other leading global institutional investors such as BlackRock and Sequoia Capital have also invested in FTX does not mitigate this," said Wong, who is also the country's finance minister.
Sam Bankman-Fried, the former chief executive of FTX, faces accusations of orchestrating a massive fraud that could result in billions of dollars in losses for investors. Bankman-Fried has pleaded not guilty to the charges.
