EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Singapore’s Temasek $275 Million FTX Investment Is Now Worth Zero

Admin by Admin
November 18, 2022
in Crypto News
0
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
MMC MMC

Temasek, a Singapore-based global investment company possessing a portfolio that is worth $403 billion, is no longer interested in waiting for the outcome of the FTX crypto exchange’s Chapter 11 bankruptcy filing.

It will write down its $275 million investment which is composed of a $210 million minority stake for about 1% of the exchange’s international business and a $65 million minority stake for 1.5% in FTX U.S.

The investment company poured in millions for the Sam Bankman Fried-led platform across two funding rounds that started in October 2020 and ended in January 2022.

Last Friday, FTX filed for a chapter 11 Bankruptcy after it earlier announced its plans to lay off some of its workers.

Under this particular chapter of the U.S. Bankruptcy Code, the Temasek-backed FTX crypto exchange platform (now classified as debtor) will be given the chance to implement a reorganization in order to keep its business alive and still have the chance to settle its obligations to its creditors over time

Following this development, SBF and a few remaining staff of the imploded company spent the weekend calling potential “white knight” investors in order to raise $8 billion to dig itself out of its gigantic financial hole.

FTX crashed again on this front as the attempt was unsuccessful and its investors are essentially forced now to wait for the result.

Temasek expressed its dismay over SBF and FTX, saying that their belief in the action, wisdom, and judgment of the company and its leadership appeared to have been misplaced.

Temasek also took the initiative to clarify that its investment in FTX is not placed for cryptocurrencies, saying it has no direct exposure to the digital asset class.

Nonetheless, the culmination of the FTX drama undeniably hurt the crypto market which ended up being poorer by almost $150 billion after Bitcoin and the altcoins experienced severe price dumps, losing all of their gains during the last few weeks

Before the highly publicized collapse happened, the crypto market was steadily holding the $1 trillion turf in overall valuation. At the time of this writing, its overall market capitalization is $792 billion.

 

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: CryptoFTX
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

FTX’s CEO Sam Bankman Fried Begged To Raise $7b

Next Post

Grayscale Bitcoin trust trading in negative premium

Admin

Admin

Next Post
Grayscale Bitcoin trust trading in negative premium

Grayscale Bitcoin trust trading in negative premium

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
TERRA LUNA CLASSIC AND USTC LINKING

Terra Proposes Recoupling LUNC and UST Months After Collapse

February 3, 2023
Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

February 3, 2023
FTX Debtors Warn Customers Of Scams Promising Return Of Assets

FTX Debtors Warn Customers Of Scams Promising Return Of Assets

February 3, 2023
Commerzbank EURUSD

Things are getting increasingly difficult for bulls – Commerzbank

February 3, 2023

Recent News

TERRA LUNA CLASSIC AND USTC LINKING

Terra Proposes Recoupling LUNC and UST Months After Collapse

February 3, 2023
Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

February 3, 2023
FTX Debtors Warn Customers Of Scams Promising Return Of Assets

FTX Debtors Warn Customers Of Scams Promising Return Of Assets

February 3, 2023
Commerzbank EURUSD

Things are getting increasingly difficult for bulls – Commerzbank

February 3, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

TERRA LUNA CLASSIC AND USTC LINKING

Terra Proposes Recoupling LUNC and UST Months After Collapse

February 3, 2023
Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

Binance Re-Enters South Korea Acquiring Gopax Crypto Exchange

February 3, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>