Temasek, a Singaporean state holding company owned by the Government of Singapore, has written off its entire investment in digital asset exchange FTX. The fund's overall exposure to the exchange is negligible compared to its wider portfolio holdings. Prior to its investment in 2021, Temasek said that it conducted eight months of due diligence on FTX before eventually purchasing a 1% stake in FTX International.
On Wednesday, full-service digital currency prime broker Genesis Trading, announced to its clients that it would be temporarily halting withdrawals from its lending arm (i.e. Genesis Global Capital), citing “unprecedented market turmoil” as a result of the insolvency of FTX.
According to The Block, EU lawmakers have differing views on how upcoming crypto regulation would have influenced the collapse of FTX. Whilst some EU officials believe the Markets in Crypto Assets regulation — expected to be implemented by 2024 — would strongly protect EU citizens from events similar to FTX, others are less certain.
Top stories in the Crypto Roundup today:
- Temasek’s FTX Investment Is Now Worth Zero
- Genesis Suspending Client Withdrawals for Lending Arm
- EU Crypto Regulation Would Have Limited Impact on FTX