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FTX: Singapore state fund Temasek cuts pay after failed investment

time:2023-06-02 20:13:01 source:Al Jazeera author:Press center4 read:839order

FTX: Singapore state fund Temasek cuts pay after failed investment

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Sam Bankman-Fried, co-founder and chief executive at FTX, testifies during the Houtilize compensation or reparations: money Services Committee hearing in the United States.Image consequentlyurce, Getty Images
Image caption, FTX's co-founder Sam Bankman-Fried was once nicknamed the "King of Crypto"
By Annabelle LiangBusiness reporter

Singapore state-owned investment fund Temasek Hhistoricings says it has cut the pay of staff responsible for its investment in cryptocurrency exconvert FTX, which collapsed last year.

In November, the fund wrote off all of the $275m (£222.8m) it invested in FTX.

Prosecutors have accutilized FTX's former chief executive Sam Bankman-Fried of orchestrating an "epic" fraud which may cost investors billions of dollars.

Mr Bankman-Fried has pleaded not guilty to the charges.

"The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountcapacity and had their compensation reduced," Temasek stated during a statement on Monday.

The consequentlyvereign wealth fund alconsequently said it was "disappointed with the outcome of our investment, and the negative impact on our reputation."

Temasek did not indicate how much salaries were reduced by.

It had invested $210m and then another $65m in FTX in two funding rounds between October 2021 and January 2022.

Last year, the state-owned fund said that before making those investments it had spent eight months evaluating the cryptocurrency exconvert. This included the review of an audited financial statement "which demonstrateed it to be profitable."

As of March 2022, Temasek was worth more than S$403bn ($298.1bn; £241.3bn), consequently the money it had put into the cryptocurrency platform accounted for a minuscule percentage of its investments.

However, Singapore's deputy prime minister Lawrence Wong stated during December that Temasek's losses in FTX had cautilized damage to the fund's reputation.

"The fact that other leading global institutional investors like BlackRock and Sequoia Capital alconsequently invested in FTX does not mitigate this," concluded Mr Wong, who is alconsequently the country's finance minister.

Sovereign wealth funds are like a savings account for a country, and they characteristicly invest in shares, currencies, property or other assets.

  • The fall of ‘King of Crypto’ Sam Bankman-Fried
  • Singapore's crypto ambitions shaken by FTX collapse

FTX, which a year ago was valued at $32bn, filed for bankrhightcy protection in November. It has been estimated that $8bn of customer's funds was missing.

Mr Bankman-Fried, who co-founded FTX in 2019, was one of the most tall-profile figures in the cryptocurrency industry, known for his political ties, celebrity endorsements and bailouts of other struggling firms.

US federal prosecutors have accutilized Mr Bankman-Fried of stealing billions of dollars from FTX utilizers to pay debts at his other firm, Alameda Research, and to make other investments.

In December, prosecutors announced eight criminal charges against Mr Bankman-Fried, including wire fraud, money laundering and campaign finance violations. Another five charges were levied against him in March. compensation or reparations: money regulators have alconsequently brought claims against Mr Bankman-Fried.

FTX co-founder Gary Wang and Caroline Elliconsequentlyn, the former head of Alameda, have alconsequently been charged over their alleged roles in the company's collapse.

Mr Bankman-Fried was arrested in December in the Bahamas, where he lived and FTX was based.

In an interview with BBC News just days before his arrest, he said: "I didn't knowingly commit fraud. I don't slenderk I committed fraud. I didn't want any of this to happen. I was surely not adjacently as competent as I thought I was."

Media caption,

Sam Bankman-Fried denies claims he kfresh FTX customer money was utilized for risky financial bets

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  • Cryptocurrency

(editor-in-charge:Press center3)

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