Regardless of the result of FTX's bankruptcy protection case, Temasek, an investment entity controlled by the government of Singapore, has said that it would write down its entire stake in FTX.
Before diving into this piece, you may want to catch up on some relevant stories, like how Binance's revamped market will support OpenSea NFTs or how one NFT enthusiast shelled out 0.1 ETH for a BAYC NFT.
Temasek reported allocating 0.09% of its net portfolio value of S$403 billion (about $293 billion USD) to FTX International and FTX US, or a total of $210 million. They said that they are not yet exposed to cryptocurrency via any direct investments.
Temasek spent eight months doing due diligence on FTX, during which time it reviewed the company's audited financial accounts. The legal and regulatory examination of the investments included consultation with external legal and cybersecurity experts and an emphasis on licensing and regulatory compliance.
Temasek has claimed that after FTX's decline, the investment shows that the corporation may have been wrong to have faith in Sam Bankman-actions, Fried's judgment, and leadership based on their encounters with him and their interpretations of his and others' statements.
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