There could be a surprising twist in the drama surrounding Sam Bankman-Fried’s insolvent crypto exchange FTX. According to the Straits Times report, Temasek, the Singaporean state investor could take over FTX. The group is one of FTX’s many investors.
Currently, the 3rd largest shareholder in @FTX_OfficialFor @Temasek. HFSP! pic.twitter.com/sVjyOJZ99v
— Phryics.eth (@Phryics) November 9, 2022
The report claims that Temasek in its capacity as a shareholder in FTX contacted SBF following Binance’s bailout announcements. The report goes on to say that a takeover by CZ would mean such a power shift that “would make Binance reign supreme in the crypto world”.
According to a spokesperson, Temasek has been in discussions with FTX.
We have been monitoring developments in FTX and Binance and we are engaging FTX as a shareholder.
Temasek invested in FTX’s Series B and Series C funding rounds, which raised $900 million and $400 million, respectively. Temasek also invested in FTX’s Series B and Series C funding rounds. These funds raised $900 million and $400 million, respectively. Vertex Ventures also advised Temasek to invest in Binance at the time that Singapore’s exchange opened.
Temasek Singapore’s government holding company has approximately $484.4 trillion in net assets and will manage it in 2021. Investor Temasek says that it follows four major structural trends when building its long-term portfolio. These are Digitization and Sustainable Living, Longer Life Expectancy, Future Consumption, and the Future of Consumption.
The anonymous trader “degentrading” reacted to the news on Twitter, saying that in his opinion a bailout of Tesamak is unlikely, as their current exposure to Tesamak is only 1 billion.
Given that FTX’s commitment is only 1bn, it seems unlikely that temasek will bail them out. Even more so when the hole is 6b. But if temasek is able to bail out FTX I will still send my boys to Singapore as army. Plz
— degentrading (@hodlKRYPTONITE) November 9, 2022
The nature of discussions between Temasek, the crypto exchange and Temasek are not known at this time.
