Breaking: Singapore’s Temasek Reviewing FTX Investment
FTX Temasek Review News: Temasek said it initiated an internal review by an independent team on its FTX investment. On Wednesday, Singapore Deputy Prime Minister Lawrence Wong mentioned about it. Following the news of FTX’s liquidity crisis earlier in November 2022, Temasek said it was actively engaged with the crypto exchange’s management. Eventually, Binance backed out of the potential takeover deal, leading to a massive crypto crash.
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Reputation Loss To Temasek
The global investment company has a portfolio valued at S$403 billion, with ownership of the Government of Singapore. The development follows BlockFi’s filing for chapter 11 bankruptcy over FTX related crisis. According to a Reuters report, the deputy prime minister expressed disappointment over the FTX loss. Speaking at the country’s parliament, Wong said the loss resulted in reputational damage to Temasek. He further said,
“The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this. The loss did not mean state investor Temasek’s governance system was not working.”
The FTX management, under new CEO John Ray, is going through an overhaul after the shock collapse under founder Sam Bankman-Fried‘s leadership. As part of the company’s bankruptcy move, SBF stepped down from role of chief executive officer. In a recent development, CEO Ray said the company resumed payment of salaries to its workforce around the world.
Also Read: FTX US Users Will Get 100% Of Their Money Back, Says SBF
FTX User Fund Withdrawal
In a latest, FTX Japan made a draft plan for clients to withdraw funds, potentially in January 2023. The plan showed that the Japanese entity had about $94.5 million in assets and $46 million in fiat, according to a Bloomberg report.
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