Ontario Teachers’ Pension Fund Writes Down Entire Investment in Bankrupt Crypto Exchange FTX Citing ‘Potential Fraud’

kõrval

Ontario Teachers’ Pension Plan (OTPP), one of the largest pension plans in the world, is writing down its investment in the bankrupt crypto exchange FTX. “Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the plan states.

Sisu

Major Canadian Pension Plan Writes Down FTX Investment

Ontario Teachers’ Pension Plan (OTPP), Canada’s third largest pension fund, issued a statement Thursday regarding its investment in the collapsed cryptocurrency exchange FTX. The OTPP, which currently has about C$243 billion ($182 miljardit) in net assets, invests for 333,000 working and retired teachers, its website shows.

The statement explains that the Ontario Teachers’ Venture Growth (TVG) fund invested C$75 million in FTX International and its U.S. entity, FTX US, in October last year. Jaanuaris, the fund made a follow-up investment of C$20 million in FTX US.

Ontario Teachers’ Pension Plan detailed:

Our investment represented less than 0.05% of our total net assets and equated to ownership of 0.4% ja 0.5% of FTX International and FTX US, vastavalt.

“Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the statement adds. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.”

The pension plan noted:

We will be writing down our investment in FTX to zero at our year end … We are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.

“The financial loss from this investment will have limited impact on the plan, given its size relative to our total net assets and our strong financial position,” the statement concludes.

FTX filed for Chapter 11 bankruptcy last week. Former CEO Sam Bankman-Fried also stepped down and was replaced by John Ray III, a veteran insolvency professional who oversaw the liquidation of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray ütles in a court filing Thursday.

Hiljuti, the Singapore government’s Temasek Holdings, Paradigm, ja Sequoia Capital similarly announced that they are writing down the entire value of their FTX investments.

Sildid selles loos
Canada’s pension plan, Canada’s pension plan FTX, Canadian pension plan, Canadian pension plan FTX, ftx, Ontario Teachers’ Pension Plan, Ontario Teachers’ Pension Plan FTX, pension fund, pension fund crypto, pension fund cryptocurrency, pension fund FTX, pension plan, Sam Bankman-Fried

What do you think about Ontario Teachers’ Pension Plan investing in FTX? Andke meile teada allpool olevas kommentaaride jaotises.

Kevin Helms

Austria majandusteaduse tudeng, Kevin leidis Bitcoini 2011 ja on sellest ajast peale olnud evangelist. Tema huvid seisnevad Bitcoini turvalisuses, avatud lähtekoodiga süsteemid, võrguefektid ning majandusteaduse ja krüptograafia ristumiskoht.




Pildi autorid: Shutterstock, Pixabay, Wiki Commons

Vastutusest loobumine: See artikkel on mõeldud ainult informatiivsel eesmärgil. See ei ole otsene pakkumine ega ostu- või müügipakkumise küsimine, või mis tahes toodete soovitust või kinnitust, teenuseid, või ettevõtted. Bitcoin-Tidings.com ei paku investeeringuid, maks, seaduslik, või raamatupidamisalane nõustamine. Ettevõte ega autor ei vastuta, otseselt või kaudselt, mis tahes kahju või kaotuse eest, mis on põhjustatud või väidetavalt põhjustatud mis tahes sisu kasutamisest või sellest sõltumisest või sellega seoses, selles artiklis mainitud kaupu või teenuseid.

Lugege lahtiütlemine