Temasek is Planning to Write Off Up to $300 Million in FTX Investments

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Last Updated on November 17, 2022 by Bitfinsider

Bloomberg reported on Wednesday that Singapore’s state investment fund Temasek is ready to write off between $200 million and $300 million invested in the bankrupt cryptocurrency exchange FTX.

In January, Temasek invested $400 million in both the FTX mothership and its U.S. branch in parallel investment rounds. The fund is now preparing to write down all of its investments, according to a report citing sources familiar with the situation.

It has also invested in liquidity provider and market maker Amber Group and non-fungible token (NFT) investment business Animoca Brands since the beginning of the year.

To what extent Temasek’s desire for the digital-assets market will be dampened by having to write off $200 million to $300 million as a result of FTX’s catastrophic collapse is still to be determined.

In a little over a week, FTX went from being one of the largest crypto exchanges in the world to filing for bankruptcy after accounting problems were discovered at its subsidiary company Alameda Research.

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