Singapore’s Temasek Writes Down $275 Million FTX Investment

Temasek invested $210 million in FTX International and $65 million in FTX US across two funding rounds from October 2021 to January this year

(Bloomberg) — Singapore’s state-owned investor, Temasek Holdings Pte., is writing down its entire $275 million investment in cryptocurrency exchange FTX, saying its belief in FTX founder Sam Bankman-Fried was probably “misplaced.”

Temasek invested $210 million in FTX International and $65 million in FTX US across two funding rounds from October 2021 to January this year, the company said in a statement. That made up a tiny fraction of its net portfolio value of S$403 billion ($294 billion) as of March. The company currently has no direct exposure in cryptocurrencies, it said.