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Singapore's Temasek writes down $275 mln investment in FTX

Reuters SG
·1-min read

Nov 17 (Reuters) - Singapore's state investor Temasek Holdings said on Thursday it will write down the value of its full investment in collapsed cryptocurrency exchange FTX, irrespective of outcome of its bankruptcy filing.

Between October 2021 and January 2022, Temasek said it invested a total $275 million for a minority stake of around 1% in FTX International and around 1.5% in FTX U.S., which is 0.09% of its net portfolio value of S$403 billion ($294.23 billion), as of March-end.

FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting.

($1 = 1.3697 Singapore dollars) (Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips)