Singapore's Temasek reviews $275 million FTX related loss SINGAPORE Reuters Deputy Prime Minister Lawrence Wong said on Wednesday that Temasek Holdings has initiated an internal review of its investments in the now-bankrupt FTX-Cryptocurrency exchange.
Temasek had invested $275 million in FTX, which it has decided to write down after the collapse of the exchange.
Wong said in parliament that the loss was disappointing and had caused reputational damage to Temasek.
He said that the fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this.
As of March 31, 2022, Wong said that Temasek's governance system is not working and no amount of due diligence and monitoring can eliminate the risks. Temasek has said that it's cost of investment in FTX is 0.09% of its net portfolio value, and it currently has no direct exposure in cryptocurrencies.