Temasek writes down $275 million investment in FTX

Singapore’s state investment firm Temasek has written down its $275 million stake in cryptocurrency firm FTX, saying it appears to have “mispaid” its trust in former CEO Sam Bankman-Fried. Temasek invested US$210 million and US$65 million in FTX International and FTX US subsidiary respectively in two rounds of financing. The total cost of the investment is 0.09 percent of its S$403 billion ($293 billion) portfolio, the firm said on Thursday. Temasek is one of the blue-chip investors in Bankman-Fried’s bankrupt cryptocurrency exchange. SoftBank and Sequoia Capital have written down their investments in FTX to zero. Temasek has defended eight months of due diligence before deciding to invest, saying it was impractical to eliminate all risks.