Singapore’s Temasek Writes Down $275 Million FTX Investment

Bloomberg2022-11-17

Firm’s belief in Sam Bankman-Fried appeared to be ‘misplaced’Currently has no direct exposure in cryptocurrencies: TemasekSingapore’s state-owned investor, Temasek Holdings Pte, has decided to write ...

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Comments

JulianAlson
2022-11-18
JulianAlson
K
robot1234
2022-11-18
robot1234
Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges
- Joel Santos:
  [Like]
- JonLucky:
  the temptation is stronger when administrative authority is weaker
- BC1970:
  Ggh
- MicSng:
  👍
- PKT:
  Ok
patrickLai
2022-11-17
patrickLai
Writing off as Write down?
Goupppppppp
2022-11-17
Goupppppppp
Noted
上高山
2022-11-17
上高山
There goes cpf money
- ALearner:
  Oh my money
VivianChua
2022-11-17
VivianChua
Hope is better 💚 🙏

Leave a comment

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Another FTX backer, Sequoia Capital, wrote down the full value of its $214 million bet on the exchange, while a person with knowledge of the situation said SoftBank Group Corp. is expecting a loss of around $100 million on its investment.Temasek said it backed FTX to invest in a leading digital asset exchange, giving it “market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk.”Temasek said it conducted an “extensive due diligence process” on FTX from February to October 2021. It reviewed FTX’s audited financial statement, which showed it to be profitable. Due diligence efforts also focused on regulatory risk, particularly licensing and compliance. 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FTX CEO John Ray III’s filing from Thursday morning reveals a culture of laxity and permissiveness at the imploded crypto dealer, where expenses were approved with color-coded emoji and company money bought employee homes In a potentially serious concern, Almeda was granted exemption from “certain” parts of FTX’s auto-liquidation feature, a practice similar to a margin call in traditional finance. The former Enron restructuring CEO called some of the past management practices “unacceptable.” Earlier Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges","text":"Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO’s report. 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temptation is stronger when administrative authority is weaker","text":"the temptation is stronger when administrative authority is weaker","html":"the temptation is stronger when administrative authority is weaker"},{"id":104854635,"gmtCreate":1668738010233,"gmtModify":1668738024411,"authorId":3554847287681495,"author":{"id":3554847287681495,"authorId":3554847287681495,"name":"BC1970","avatar":"https://static.tigerbbs.com/0ddbf1d90da79b3d2d9ce69edd1f06d5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":104854630,"prevId":0,"content":"<span class=\"s1\">Ggh</span>","text":"<span class=\"s1\">Ggh</span>","html":"<span class=\"s1\">Ggh</span>"},{"id":104854630,"gmtCreate":1668737999584,"gmtModify":1668738012720,"authorId":4092825739678010,"author":{"id":4092825739678010,"authorId":4092825739678010,"name":"MicSng","avatar":"https://static.tigerbbs.com/80f2cc0ddee49507e67c44af892a821c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">👍</span>","text":"<span class=\"s1\">👍</span>","html":"<span class=\"s1\">👍</span>"},{"id":104854619,"gmtCreate":1668737984498,"gmtModify":1668737997770,"authorId":3576183521672950,"author":{"id":3576183521672950,"authorId":3576183521672950,"name":"PKT","avatar":"https://community-static.tradeup.com/news/a44a7456d25f5fabf4dbcab8098b1602","vip":1,"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963584824,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Ok</span>","text":"<span class=\"s1\">Ok</span>","html":"<span class=\"s1\">Ok</span>"}],"langContent":"EN"},{"id":9963685939,"gmtCreate":1668663041122,"gmtModify":1676538093284,"author":{"id":"3585604372962377","authorId":"3585604372962377","name":"patrickLai","avatar":"https://static.tigerbbs.com/baedd77ad7c3a28da1ae2ecc8b2e88aa","vip":1,"crmLevel":2,"crmLevelSwitch":1},"htmlText":"Writing off as Write down?","listText":"Writing off as Write down?","text":"Writing off as Write down?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963685939","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963615535,"gmtCreate":1668660350027,"gmtModify":1676538092906,"author":{"id":"3578690837330197","authorId":"3578690837330197","name":"Goupppppppp","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963615535","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9963615359,"gmtCreate":1668660335272,"gmtModify":1676538092892,"author":{"id":"3577002876366813","authorId":"3577002876366813","name":"上高山","avatar":"https://community-static.tradeup.com/news/8aa7c8a84fa7e63673338fa4777b43a1","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":7,"crmLevelSwitch":1},"htmlText":"There goes cpf money","listText":"There goes cpf money","text":"There goes cpf money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963615359","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":104842173,"gmtCreate":1668660866465,"gmtModify":1668660882221,"authorId":3581627611317712,"author":{"id":3581627611317712,"authorId":3581627611317712,"name":"ALearner","avatar":"https://static.tigerbbs.com/dd4e09038044887c08337f0d263b9446","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9963615359,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">Oh my money</span>","text":"<span class=\"s1\">Oh my money</span>","html":"<span class=\"s1\">Oh my money</span>"}],"langContent":"EN"},{"id":9963634991,"gmtCreate":1668658225613,"gmtModify":1676538092579,"author":{"id":"3580011914778910","authorId":"3580011914778910","name":"VivianChua","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":1},"htmlText":"Hope is better 💚 🙏&nbsp;","listText":"Hope is better 💚 🙏&nbsp;","text":"Hope is better 💚 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963634991","repostId":2284736006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":48,"commentSize":11,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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