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FTX filed for chapter within the US on Friday (Nov 11), resulting in the likelihood that every one of its traders—together with Singapore’s personal Temasek Holdings—will lose the whole lot they’ve put into the cryptocurrency alternate big.
Till a number of quick weeks in the past, FTX was the third greatest cryptocurrency alternate across the globe, and had been price almost S$44 billion simply final January.
The web price of FTX founder, Sam Bankman-Fried, rapidly plunged from US$26.5 billion (S$36.4 billion) to underneath a billion USD.
Bankman-Fried introduced that FTX had filed for chapter by way of Twitter on Friday, telling prospects he was sorry and that “Hopefully issues can discover a technique to recuperate.” He has since resigned as CEO.
2) I am actually sorry, once more, that we ended up right here.
Hopefully issues can discover a technique to recuperate. Hopefully this could deliver some quantity of transparency, belief, and governance to them.
Finally hopefully it may be higher for patrons.
— SBF (@SBF_FTX) November 11, 2022
However apart from prospects, the scenario is dire for traders corresponding to Temasek Holdings, owned by the federal government of Singapore, and had been, till October of final yr, underneath the management of Madam Ho Ching, the spouse of Prime Minister Lee Hsien Loong.
Mdm Ho stepped down in Oct 2021 and was succeeded by Dilhan Pillay Sandrasegara as chief govt officer.
On Friday, Forbes revealed an inventory of FTX traders who’ve essentially the most to lose if the corporate can’t be saved.
It says that Temasek has a one per cent stake in FTX and that its estimated quantity invested is US$205 million (S$281 million).
At its peak final January, the worth of this funding had been US$320 million (S$439 million).
Forbes added that Temasek is FTX’s “second-largest outdoors investor on the capitalization desk, with 7 million shares. The $297 billion (property) enterprise, which owns massive stakes in Singapore’s DBS Group and Singapore Airways, invested in all three of FTX’s main funding rounds.”
“We’re conscious of the developments between FTX and Binance, and are participating FTX in our capability as shareholder,” Temasek advised Reuters in an e-mail.
Together with Temasek, different massive FTX traders who’ve probably misplaced the whole lot as a result of firm’s chapter are SoftBank Group’s Imaginative and prescient Fund, Sequoia Capital, the Ontario Academics’ Pension Plan, Tiger World Administration and Lightspeed Enterprise Companions.
On Nov 9, Sequoia Capital wrote that its fairness in FTX was at $0, for a lack of US$214 million (S$294 million), however assured traders that this represented solely a small portion of its portfolio.
Forbes reported that FTX’s current S$44 billion valuation has now gone “up in smoke.”
Studies say that the corporate’s chapter might be one of the crucial advanced in years, as it’s prone to take months for the greater than 100,000 collectors on its submitting to study what they’re owed.
/TISG
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