Singapore state investor Temasek Holdings has cut compensation for the team that recommended investing in the now-bankrupt FTX cryptocurrency exchange.
The move comes after Temasek conducted an internal review of its investment in FTX, which resulted in a writedown of $275 million.
FTX, once valued at $32 billion, filed for bankruptcy protection in the United States in November. Other investors, including SoftBank and Sequoia Capital, declared their investment zero following the bankruptcy filing.
Temasek’s Chairman, Lim Boon Heng, expressed disappointment over the investment outcome and its negative impact on Temasek’s reputation.
“Although there was no misconduct by the investment team in reaching their investment recommendation,” Temasek’s statement said, “the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced.”
Temasek’s investment cost in FTX was 0.09% of its net portfolio value of $304 billion. Despite this setback, Temasek continues to focus on investing in early-stage companies and emerging technologies.
