Home » Temasek Adjusts Worker Compensation Following Unsuccessful FTX Funding

Temasek Adjusts Worker Compensation Following Unsuccessful FTX Funding

by CoinVeem

Picture Supply: LinkedIn

Singaporean funding agency Temasek Holdings has lowered the compensation of senior administration and the funding staff accountable for investing in FTX. 

An inside evaluate discovered no misconduct by the funding staff however Temasek’s administration nonetheless took “collective accountability” and lowered their compensation, in response to a Monday statement from the corporate. 

“With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its associates, there was fraudulent conduct deliberately hidden from buyers, together with Temasek,” Chairman Lim Boon Heng commented, including:

“We’re dissatisfied with the result of our funding, and the detrimental affect on our status.”

The transfer comes after Temasek wrote down its $275 million funding in FTX final 12 months following the crypto firm’s meltdown.

Temasek’s funding in FTX occurred after the corporate introduced its plans to go public by way of a particular goal acquisition firm (SPAC) deal in the USA. 

Nevertheless, the deal was placed on maintain after questions have been raised about FTX’s enterprise mannequin. Temasek had stated beforehand that it performed intensive due diligence on the crypto alternate earlier than investing.

Whereas Temasek at present has no direct publicity to cryptocurrencies, the agency has invested in blockchain corporations like Chain, R3, and Digital Foreign money Group. 

The corporate stated its price of funding in FTX was 0.09% of its web portfolio worth of S$403 billion ($304 billion) as of March 31, 2022, and that it at present had no direct publicity to cryptocurrencies.

Temasek is a state-owned investor and one of many largest buyers in Asia, with a portfolio price over $300 billion. The corporate has stakes in well-known corporations comparable to Alibaba, Tencent, and Zoom, amongst others.

Extra lately, Temasek has denied rumors that it had invested $10 million into Array, the developer of the algorithmic foreign money system primarily based on good contracts and synthetic intelligence.

In an announcement earlier this month, the agency addressed the circulating information articles and tweets concerning Temasek’s funding, dismissing them by stating that “this information is wrong.”

FTX Considers a Reboot after Recovering Over $7 Billion

The push to relaunch FTX has gained momentum as a result of platform’s profitable restoration of over $7.3 billion in money and liquid crypto property.

In response to reports, Tribe Capital, a enterprise agency, is even displaying curiosity in spearheading a $250 million fundraising initiative for the rebranded platform.

In the meantime, within the newest improvement within the FTX saga, the disgraced founding father of the alternate, Sam Bankman-Fried, has asked a New York federal choose to dismiss a lot of the legal prices introduced towards him by federal prosecutors.

In a submitting with the Southern District of New York federal courtroom earlier this week, attorneys of Bankman-Fried argued that a number of of the fees towards him have been “dramatic” and turned “civil and regulatory points into federal crimes.”

Moreover, the US Inside Income Service (IRS) has filed tax claims price a staggering $44 billion towards FTX and its affiliated entities.

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