The collapse of crypto exchange FTX hurts the reputation of Singapore state-owned investor Temasek Holdings Pte. but it has “very limited” impact on the broader financial system, Deputy Prime Minster Lawrence Wong said.
(Bloomberg) — The collapse of crypto exchange FTX hurts the reputation of Singapore state-owned investor Temasek Holdings Pte.
but it has “very limited” impact on the broader financial system, Deputy Prime Minster Lawrence Wong said.
“The FTX loss is disappointing and is being taken seriously,” Wong said in parliament Wednesday in response to a flurry of questions from lawmakers.
Temasek wrote down its entire $275 million investment in FTX after Sam Bankman-Fried’s crypto empire imploded Nov. 11.
Temasek will have an independent team reviewing the loss, according to an updated explainer page on its website.
Wong said the government will not rule out doing an external probe, but only if there’s negligence or misconduct within the organization. He called the FTX loss an “exceptional situation.”
–With assistance from Aradhana Aravindan.
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