Temasek says its investors took collective responsibility for FTX investments

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Temasek says its investors took collective responsibility for FTX investments

The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective responsibility and reduced their compensation, Temasek said in a statement.

The sovereign wealth fund said it is disappointed with the outcome of our investment and the negative impact on our reputation. Last year, the state-owned venture said that before making those investments, it had spent eight months evaluating the cryptocurrency exchange. The audit included the review of an audited financial statement which showed it to be profitable. Temasek's value was more than S $403 bn $298.1 bn; 241.3 bn so the money it put into the cryptocurrency platform accounted for a small percentage of its investments.

The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this, he said.

Bankman-Fried, who co-founded FTX in 2019, was one of the most prominent members of the cryptocurrency industry, known for his political connections, celebrity endorsements, and bailouts of other struggling firms.

US federal prosecutors have accused Bankman-Fried of stealing billions of dollars from FTX users to pay debts to his other firm, Alameda Research, and to make other investments.

In December, prosecutors announced eight charges against Bankman-Fried, including wire fraud, money laundering and campaign finance violations. Another five charges against him were levied against him in March. The Financial Ombudsman has also brought claims against Bankman-Fried.

He said in an interview with BBC News that he didn't knowingly commit fraud. I didn't want anything happen to me. I was certainly not as skilled as I thought I was.