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 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 and has left both investors and customers in dismay. The value of many coins has plummeted drastically, and crypto startups have had to downsize their staff in order to extend their runway.

FTX, founded by ex-CEO Sam Bankman-Fried has filed for 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.