> ## Content Index
> Fetch the complete content index at: https://www.techloy.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Singapore State investment fund Temasek plans to write off $275 million stake in FTX
- URL: https://www.techloy.com/singapore-to-write-off-275m-investment-in-ftx/
- Published: 2022-11-17T12:22:45.000Z
- Updated: 2022-11-17T12:22:45.000Z
- Author: Acquah Nana Yeboah
- Tags: / Crypto, Tech in Singapore

The Singapore state investment fund, Temasek has disclosed that it will be writing off its $275 million investment in collapsed crypto exchange, FTX.

According to a report by *Bloomberg,* Temasek invested in both the FTX mothership and its U.S. wing in concurrent funding rounds of $400 million each in January.

In a statement [released](https://edition.cnn.com/2022/11/17/investing/singapore-temasek-writes-down-ftx-intl-hnk/index.html) on Thursday, Temasek said it had decided to write down the value of its full investment in the exchange to zero, “irrespective of the outcome of FTX’s bankruptcy protection filing,” *CNN* reports.

The collapse of FTX has had a [cascading effect on the crypto market](https://www.techloy.com/ftx-crash-crypto-loses-market-value/) and has left both investors and customers in dismay. The value of many coins has plummeted drastically, and [crypto startups have had to downsize](https://www.techloy.com/nigerian-web3-startup-nestcoin-impacted-by-ftx-liquidity-crisis-lays-off-staff/) their staff in order to extend their runway.

FTX, founded by ex-CEO Sam Bankman-Fried has [filed for bankruptcy](https://www.techloy.com/crypto-exchange-ftx-bankruptcy/) in the U.S and is currently undergoing Chapter 11 proceedings alongside the Exchange’s 130 additional affiliated companies.

Temasek has been one of the most high-profile investors in the crypto industry in recent times. It has invested in liquidity provider and market maker Amber Group and non-fungible token (NFT) investment firm Animoca Brands this year.