Last Updated on May 29, 2023 by Bitfinsider
Temasek, a Singaporean sovereign wealth fund that administers assets worth approximately $300 billion, has reduced the compensation of employees involved in its FTX investment, which turned sour after the collapse of the cryptocurrency exchange.
An independent team conducted an internal review of the investment and determined that there was no misconduct by the investment team; however, the investment team and senior management “took collective accountability and had their compensation reduced,” Temasek said on Monday. It did not specify the reduction in compensation.
Temasek had invested $275 million in FTX and FTX U.S., but after Sam Bankman-Fried’s crypto group filed for insolvency in November, it wrote off all of its investments to zero. As part of its investments, Temasek acquired a 1% stake in FTX International and a 1.5% stake in FTX U.S.
Temasek stated last year that it had spent approximately eight months conducting a “extensive due diligence process on FTX” and has now stated that it is “disappointed” with the outcome of its investment and the “negative impact” it has had on its reputation.
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