### Temasek, an investment company owned by Singapore, announced that it is writing down the value of its investment to FTX to zero. 

FTX’s collapse continues to ripple outwards with the announcement by Temasek that it is writing down the value of its full investment in the exchange to zero, “irrespective of the outcome of FTX’s bankruptcy protection filing.” 

Temasek, an investment company owned by Singapore, said it invested $275 million in the crypto exchange. However, it also stated that the FTX write-down “will not have a significant impact on our overall performance.” 

It noted that the cost of its FTX investment was 0.09% of its net portfolio value of $294.3 billion as of March 21, 2022.

Temasek detailed that it gained a 1% minority stake in FTX International by investing $210 million. It also invested $65 million in FTX US across two funding rounds from October 2021 to January 2022 to receive a 1.5% minority stake. The investment, according to Temasek, came after an extensive due diligence process on FTX from February to October 2021, which showed that FTX was profitable. 

In a statement, Temasek zeroes in on Sam Bankman-Fried, who is now the subject of investigations by agencies in several countries: 

"It is apparent from this investment that perhaps our belief in the actions, judgment, and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced." 

Temasek, an investment company owned by Singapore, announced that it is writing down the value of its investment to FTX to zero. 

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Fri Nov 18 2022 Singapore’s Temasek Writes Off $275M in FTX; Says Belief In Ex-CEO Sam Bankman-Fried was ‘Misplaced’

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Fri Nov 18 2022

Singapore’s Temasek Writes Off $275M in FTX; Says Belief In Ex-CEO Sam Bankman-Fried was ‘Misplaced’