Temasek Takes Accountability For FTX Investment Fraud

Temasek, the state-owned investment company based in Singapore, has recently addressed the issue surrounding its investment in FTX, a crypto company. In a statement released on their official website, Temasek announced that the team responsible for the FTX investment, along with senior management, have collectively taken accountability for the outcome and voluntarily reduced their salaries. The move reflects their commitment to addressing the situation and taking appropriate measures.

Temasek, a Singapore state-owned investment company, stated that the team that invested in FTX and the senior management responsible for the investment decision took collective responsibility and cut their salaries. https://t.co/zsdgGIi2R5

Temasek had stated that it took a $275…

— Wu Blockchain (@WuBlockchain) May 29, 2023

Temasek’s $275 Million FTX Investment

According to Temasek’s statement, they have taken a significant impairment of $275 million on their investment in FTX, reducing its value to zero. The decision to write off the investment highlights the company’s commitment to maintaining transparency and recognizing the financial impact of the investment on their portfolio.

In a separate development, Temasek also played a pivotal role in providing support to Amber, another cryptocurrency company. Despite Amber facing financial challenges and nearing bankruptcy, Temasek led a successful B+ round of financing, contributing a substantial amount of US$200 million. This investment not only helped rescue Amber from its precarious financial position but also demonstrated Temasek’s continued interest in exploring opportunities within the crypto industry.

Temasek’s involvement in both FTX and Amber showcases the company’s proactive approach to investment. While the FTX investment resulted in a significant loss, Temasek remains committed to evaluating and supporting emerging sectors such as cryptocurrencies. The decision to invest in Amber, despite its financial struggles, underscores their belief in the potential of the crypto industry and their willingness to provide strategic support to promising ventures.

As an esteemed state-owned investment company, Temasek’s actions reflect their ongoing commitment to managing their portfolio with prudence and responsibility. The company’s willingness to take collective responsibility for investment outcomes and adapt to evolving market conditions positions them to navigate challenges while continuing to seek long-term sustainable returns.