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Temasek cuts worker compensation for failed FTX funding

by CoinVeem

Temasek, Singapore’s state-owned funding agency, mentioned on Monday that it has lower the pay of senior administration and the funding crew concerned within the determination to spend money on the now-bankrupt FTX cryptocurrency change.

See associated article: Who is exposed to FTX? A running compilation on a rapidly moving target

Quick info

  • In a statement, Temasek mentioned that whereas there was no misconduct from the funding crew throughout their decision-making course of, the crew and senior administration, who finally bear accountability for funding selections, have accepted collective accountability by way of diminished compensation.
  • Temasek wrote off US$275 million it had invested in FTX earlier than the change collapsed final November. At the moment, Temasek mentioned it had carried out an intensive due diligence course of. 
  • “With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its associates, there was fraudulent conduct deliberately hidden from traders, together with Temasek. However, we’re disenchanted with the end result of our funding, and the damaging affect on our popularity,” Temasek mentioned within the assertion. 
  • FTX, as soon as the second-largest crypto change with a valuation exceeding US$30 billion, was typically seen as a rescuer for struggling crypto companies. The Bahamas-based change declared bankruptcy on Nov. 11, sending shockwaves all through the crypto trade and affecting a number of different crypto companies, together with Genesis, BlockFi and AAX exchange
  • The Financial Authority of Singapore (MAS) had said that it couldn’t protect native customers from the fallout of FTX’s collapse, because the crypto change operated offshore and was not underneath the licensing jurisdiction of the MAS.

See associated article: Singapore still aims to be a crypto hub, minus speculative trading

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