Singapore's Temasek to write down its $275M FTX investment to $0
Entities around the world continue to distance themselves from bankrupt crypto exchange company FTX . Exactly a week back, the Sequoia Capital team announced that they were completely writing down the value of their holdings in FTX . In a letter to investors, Sequoia attributed FTX ’s “liquidity crunch” and “solvency risk” as reasons for their action. Now, in what is the latest development, Singapore’s state investment fund—Temasek—is preparing to write off its entire $275 million that it invested in the crypto exchange. Notably, Temasek invested $210 million for a minority stake of ~1% in FTX International, and invested $65 million for a minority stake of ~1.5% in FTX US, across two funding rounds from October 2021 to January 2022. The official statement released noted, “ In view of FTX ’s financial position, we have decided to write down our full investment in FTX , irrespective of the outcome of FTX ...