Technology
Singapore’s Temasek Reviewing FTX $275M Investment – Crypto News
FTX Temasek Review News: After writing off the $275 million investment into ftx, the Singapore authorities have initiated an internal review into the matter. On Wednesday, Singapore Deputy Prime Minister Lawrence Wong made the announcement. 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.
Also Read: The Impact Of Blockfi’s Bankruptcy On The Top 10 Cryptocurrencies
Reputation Loss To Temasek
The development follows BlockFi’s filing for chapter 11 bankruptcy over the 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 content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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