NewsMV
A $275 million writedown has a way of clarifying an investment mandate.
Singapore sovereign fund Temasek is holding its position that cryptocurrency remains off the table, roughly four years after its stake in the now-bankrupt FTX exchange produced one of the most scrutinized losses in the fund's recent history.
The charge hit the books in 2022, drawing substantial local criticism. The write-down that set the terms Temasek held an investment in FTX, the crypto exchange that subsequently went bankrupt.
The fund absorbed a $275 million writedown on that position in 2022. What followed was pointed domestic criticism, the kind that sticks to a state-linked sovereign investor in a way it might not to a private fund.
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