Bez crvenih zastavica na FTX-u uprkos 8 mjeseci 'opsežnog due diligence-a:' Temasek

Singapore’s state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn’t find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.

Like many of FTX’s more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 pošta:

“Teza naše investicije u FTX bila je ulaganje u vodeću razmjenu digitalne imovine koja nam pruža protokol agnostičku i tržišno neutralnu izloženost kripto tržištima s modelom prihoda od naknada i bez rizika trgovanja ili bilansa stanja.”

Before the firm decided to invest $210 million for a stake of 1% in FTX International and $65 million for a minority 1.5% stake in its United States-based entity FTX US across two funding rounds, it claims to have conducted “extensive due diligence” from Feb. to Oct. 2021.

According to Temasek, it reviewed FTX’s audited financial statements, investigated the associated regulatory risk with crypto financial market service providers and sought advice from external legal and cybersecurity specialists, with a legal and regulatory review undertaken for the investments.

As another precaution, the firm said it interviewed people familiar with FTX, including employees, industry participants and other investors.

“We recognize that while our due diligence processes may mitigate certain risks, it is not practicable to eliminate all risks,” the firm said.

„Iz ove investicije je očigledno da bi se naše vjerovanje u postupke, prosuđivanje i vodstvo Sama Bankmana-Frieda, koje je formirano iz naših interakcija s njim i stavova iznesenih u našim razgovorima s drugima, moglo činiti pogrešnim."

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According to Temasek, it estimates its investment in FTX was 0.09% of its portfolio value of more than $293 billion, and none of the disclosed investments involves crypto, despite rumors to the contrary, the firm says it has “no direct exposure in cryptocurrencies.”

“Nastavljamo da prepoznajemo potencijal blockchain aplikacija i decentraliziranih tehnologija za transformaciju sektora i stvaranje povezanijeg svijeta. Ali nedavni događaji su pokazali ono što smo ranije identificirali – nastanak blockchain i kripto industrije i nebrojene mogućnosti kao i značajne rizike koji su uključeni.”