Temasek Writes Down its Full $275M FTX Investment to $0.

• Singapore’s Temasek to write down its $275M FTX investment to $0.
• Temasek invested $210 million for a minority stake of 1% in FTX International.
• The exchange’s audited financial statement was profitable: Temasek.

Worldwide organizations keep putting FTX, a bankrupt cryptocurrency exchange corporation, further and further away. Notably, Singapore state investor Temasek Holdings announced it will write down the value of its entire $275 million stake in the defunct cryptocurrency exchange. This is In the most recent action by FTX’s investors.

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“In view of FTX’s financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX’s bankruptcy protection filing,” Temasek said in a detailed statement on Thursday.

Similarly, the Sequoia Capital team revealed exactly one week ago that they were fully devaluing their FTX assets. Sequoia cited FTX’s “liquidity crisis” and “solvency risk” as justifications for its decision in a letter to investors.

Temasek said that between October 2021 and January 2022, it spent $210 million on a minority investment.  That made roughly 1% in FTX International and $65 million for a minority interest of roughly 1.5% in FTX US.

“The cost of our investment in FTX was 0.09% of our net portfolio value of S$403 billion ($294.3 billion) as of 31 March 2022,” it said.

Temasek performed a rigorous “due diligence procedure” on FTX, much like they did with their prior investments. A similar period, from February to October of last year, lasted for around eight months. 

According to the statement, they examined the exchange’s audited financial statement at that period, which revealed that it was “profitable.” In addition, they interviewed individuals who were acquainted with the business. This was in an effort to get their opinions on the organization and management team.

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