Temasek made a statement about FTX investments! Are investments lost? Temasek, a global investment company based in Singapore with a portfolio valued at $403 billion, is no longer interested in seeing the cryptocurrency exchange FTX Chapter 11 emerge.
Temasek, a global investment company based in Singapore with a portfolio valued at $403 billion, is no longer interested in seeing the cryptocurrency exchange FTX Chapter 11 emerge. The money
The international group said that it will write down its income of $275 million, with a small amount of $210 million, or about 1% of the international trade of the exchange, and a small amount of $65 million, or 1.5% of FTX United States.
According to Temasek on Thursday, due to the financial situation of FTX, they have decided to write down all our money in FTX regardless of the results of the financial filing of FTX. More than two fundraisers started in October 2020 and ended in January 2022, the investment company has invested millions in the platform led by Sam Bankman-Fried. Crashing into the last ditch effort
After announcing plans to lay off some of its employees, FTX filed for Chapter 11 bankruptcy last Friday. Temasek crypto exchange FTX (currently classified as a debtor) will be granted the right to reorganize under a specific chapter of the US Bankruptcy Code (3) to continue its business while having the opportunity to pay his debtors over time. After this event, rumors started in SBF that a small number of the company’s surviving employees had spent the weekend calling potential investors “white clowns” in order to raise $8 billion to help the company to escape its corrupt economic conditions.
Due to the failure of the company and the fact that its investors now have to wait for the results of the filing of unpaid bills, FTX failed again on this front. Another Asian company based in Japan, Softbank, said it will withdraw its $ 100 from FTX because it stopped believing that the exchange could leave its current position.
Temasek highlights FTX exposure
Temasek expressed its disappointment with SBF and FTX, stating that their faith in the organization’s leaders, as well as their actions, judgment and wisdom, seems to have been misplaced. In addition, Temasek took the initiative to clarify that its investment in FTX is not for cryptocurrencies and that it has no direct exposure to digital assets.
Undoubtedly, the end of the FTX drama hurt the crypto market as it lost about $150 billion worthless due to Bitcoin and altcoins suffering a terrible price loss and losing all the gains they had made in recently. After the well-reported collapse, the cryptocurrency industry still held the $1 trillion threshold in terms of total value.
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