{"id":41450,"date":"2022-11-30T13:26:45","date_gmt":"2022-11-30T17:26:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41450"},"modified":"2022-11-30T14:30:30","modified_gmt":"2022-11-30T18:30:30","slug":"singapores-temasek-to-review-ftx-crypto-deal-after-275m-hit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapores-temasek-to-review-ftx-crypto-deal-after-275m-hit\/","title":{"rendered":"Singapore&#8217;s Temasek to review FTX crypto deal after $275m hit"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-temasek-still-holds-its-investments-in-many-other-crypto-related-businesses-despite-writing-down-its-275-million-investment-in-ftx\"> Temasek still holds its investments in many other <a href=\"https:\/\/coinscreed.com\/staging\/non-bank-deposits-including-crypto-businesses-arent-fdic-insured.html\" target=\"_blank\" rel=\"noreferrer noopener\">crypto-related businesses<\/a> despite writing down its $275 million investment in FTX.<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-1024x576.jpg\" alt=\"Singapore's Temasek to review FTX crypto deal after $275m hit\" class=\"wp-image-41452\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-1024x576.jpg 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-300x169.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-768x432.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-150x84.jpg 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-750x422.jpg 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000-1140x641.jpg 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Singapore's Temasek to review FTX crypto deal after $275m hit<\/figcaption><\/figure>\n\n\n\n<p>According to Deputy Prime Minister Lawrence Wong, Temasek, a government-owned investment company in Singapore, has endured much more than just monetary losses as a result of its <a href=\"https:\/\/coinscreed.com\/staging\/temasek-will-reduce-its-275-million-investment-in-ftx-to-zero.html\" target=\"_blank\" rel=\"noreferrer noopener\">investment in FTX<\/a>.<\/p>\n\n\n\n<p>Temasek's $275 million investment in FTX, according to Wong, who is also the finance minister, has seriously harmed the company's reputation. At a parliament meeting on November 27, the official addressed the mounting criticism regarding Temasek's exposure to FTX, according to a South China Morning Post report.<\/p>\n\n\n\n<p>The prime minister emphasized that a &#8220;very badly managed company&#8221; as well as potential fraud and user funds misappropriation were to blame for FTX's demise. <\/p>\n\n\n\n<p>\u201cWhat happened with FTX, therefore, has caused not only <a href=\"https:\/\/www.google.com\/search?q=Singapore%27s+Temasek+to+review+FTX+crypto+deal+after+%24275m+hit&oq=Singapore%27s+Temasek+to+review+FTX+crypto+deal+after+%24275m+hit&aqs=chrome.0.69i59.840j0j7&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">financial loss to Temasek<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> but also reputational damage,\u201d the official said, adding that Temasek has launched an internal investment review to improve processes and draw lessons for the future.<\/p>\n\n\n\n<p>Wong emphasized that reputational harm is not mitigated by investments made by other significant institutional investors like BlackRock and Sequoia Capital. Temasek announced on November 17 that it wrote down its entire $275 million FTX investment. <\/p>\n\n\n\n<p>Temasek is wholly owned by the minister of finance but runs independently. As of March 2022, the sum represented just 0.09% of Temasek's $403 billion portfolio. <\/p>\n\n\n\n<p>Wong asserts that investor contributions to net investment returns\u2014the amount of government revenue derived from interest earned on reserves\u2014would not be impacted by FTX-related losses.<\/p>\n\n\n\n<p>Along with addressing worries about <a href=\"https:\/\/coinscreed.com\/staging\/ftx-fall-places-singapore-government-in-parliamentary-hot-seat.html\" target=\"_blank\" rel=\"noreferrer noopener\">FTX and Temasek<\/a>, Wong asserted that Singapore has no desire to develop into a major crypto hub but rather wants to be a &#8220;responsible and innovative player in the digital asset space.&#8221;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSome of the earlier optimism about blockchain technologies has been proven to be [&#8230;] not well-placed. I think there\u2019s a more realistic sense of what these technologies can do,\u201d Wong stated.<\/p>\n<\/blockquote>\n\n\n\n<p> He also emphasized that crypto investors must be prepared to lose all their investments on crypto, adding: \u201cNo amount of regulation can remove this risk.\u201d Temasek apparently still has investments in numerous other industry platforms despite writing down its investment in FTX. <\/p>\n\n\n\n<p>Temasek is renowned for taking part in numerous investment rounds for significant crypto firms, such as Binance and Amber Group, despite not making direct investments in cryptocurrency. According to reports, Temasek also oversaw a $110 million strategic funding round for Animoca Brands, a leading provider of <a href=\"https:\/\/coinscreed.com\/staging\/ferrari-is-looking-at-the-future-integration-of-blockchain-nfts-and-metaverse-says-ceo.html\" target=\"_blank\" rel=\"noreferrer noopener\">blockchain and metaverse gaming<\/a> services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Temasek still holds its investments in many other crypto-related businesses despite writing down its $275 million investment in FTX. According to Deputy Prime Minister Lawrence Wong, Temasek, a government-owned investment company in Singapore, has endured much more than just monetary losses as a result of its investment in FTX. Temasek&#8217;s $275 million investment in FTX, [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":41452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-41450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221130_181425_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41450"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41452"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}