Singapore state-owned investment fund Temasek announced the results of a review of its $275 million investment into cryptocurrency exchange FTX. It wrote off the sum in November last year and stated that it had performed due diligence. As we noted previously, the absence of a high profile CFO was a red flag, but hindsight criticism is easy.
Today’s statement notes that FTX’s key executives intentionally hid information from investors, including Temasek. “We are disappointed with the outcome of our investment, and the negative impact on our reputation,” said LIM Boon Heng, Temasek Chairman.
The topic of the FTX investment was discussed in Singapore parliament in November last year.
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