Singapore’s Temasek writes down $275M investment in FTX

Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX’s investors.

“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 statement on Thursday.

Temasek said it had invested $210 million for a minority stake of about 1 percent in FTX International, and $65 million for a minority stake of about 1.5 percent in FTX US, across two funding rounds from October 2021 to January 2022.

FTX filed for bankruptcy protection in the United States last week in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days.