Temasek Claims That Their Investment in FTX is Now Worthless.

Temasek, the state investment fund of Singapore, wrote off all of its stake in FTX, claiming that its exposure to the failing exchange as a whole was minimal in comparison to its extensive portfolio holdings.

Temasek said in a statement that the $210 million investment, which represented 1% of FTX International, and the $65 million investment, which represented 1.5% of FTX.US, represent 0.09% of the company’s $293.5 billion net portfolio value (SGD 403 billion).

“Our investment in FTX has sometimes been mistaken for a cryptocurrency investment. In order to be clear, we do not yet have any direct exposure to cryptocurrencies “the company declared in a statement.

Temasek claimed that the collapse of their investment in FTX was due to a bad bet on Bankman-Fried rather than a criticism of cryptocurrencies or blockchain technology.

According to this investment, perhaps our trust in Sam Bankman-conduct, Fried’s judgment, and leadership—beliefs derived from our contacts with him and opinions shared in conversations with others—was incorrect, according to Temasek. We treat any investment losses seriously, and there will be lessons for us from this, even though the write down of our investment in FTX won’t have a big influence on our overall performance.

Temasek claimed to have researched FTX for eight months before to making an investment, looking at its audited financial records and considering regulatory risk and cyber security risks.

Separately, it added, “We also gathered qualitative comments on the business and management team based on interviews with people familiar with the business, including workers, industry participants, and other investors.”

Sequoia Capital revealed last week that it was writing down to zero the $200 million it had invested in the exchange.