In a statement on Monday, Singapore’s state investment vehicle Temasek announced that it had reduced compensation for the team and senior management in charge of its investment in the defunct cryptocurrency exchange FTX.
The company also stated that it would accept “collective accountability” for its failed $275 million investment in the defunct cryptocurrency exchange FTX and claimed that there was “fraudulent conduct intentionally hidden from investors, including Temasek.”
The fund claimed that it had written down the whole value of its investment and to conducted an internal review days after FTX collapsed in November.
The Chairman of Temasek said in the statement, ” Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced.”
Temasek reaffirmed in the statement that it has no intention of investing in cryptocurrencies and said that it will exercise caution when deciding whether to make fresh investments in the blockchain industry.