Canadian Pension Fund Loses $95 Million Investment in FTX
Ontario (Canada) teachers’ retirement fund is the most up-to-date identify to verify funds losses on investments in cryptocurrency exchange FTX. Canadian Pensio...
Ontario (Canada) teachers’ retirement fund is the most up-to-date identify to verify funds losses on investments in cryptocurrency exchange FTX.
On the evening of November 18, a representative of the Ontario Teachers’ Pension Fund (Canada), one particular of Canada’s biggest pension money with assets below management of up to $250 billion, mentioned it would register a $95 million investment. The USD in FTX went to zero following this exchange filed for bankruptcy.
The fund mentioned it invested $75 million in FTX.com in its October 2021 funding round, then went on to contribute $twenty million in FTX US in its January 2022 funding round.
Ontario Teachers, Canada’s instructor retirement fund, announced it will publish off its whole $95 million investment in FTX. https://t.co/b3JEP9sDrB
— Wu Blockchain (@WuBlockchain) November 18, 2022
A representative of the fund mentioned:
“Financial losses from these investments will not have a big affect on the Fund, as its dimension is negligible in contrast to our complete assets. Nonetheless, we truly feel incredibly disappointed by what took place, we extensively assess the injury and get it as a lesson for the potential.”
Thus, notable institutions reporting losses from FTX consist of: Temasek ($275M), Genesis Trading ($175M, withdrawals blocked), Galois Capital ($40M), Multicoin Capital (~ten% of assets), BlockFi (heavily broken, nearing failure), Sequoia ($213 million). Paradigm ($290 million),… In which, Temasek is an investment fund of the government of Singapore, so it can induce unfavorable consequences in the eyes of the basic public this kind of as Ontario teacher’s pension fund.
This is not the very first time a Canadian pension fund has misplaced funds in the cryptocurrency sector. In August 2022, the Quebec pension fund agreed to drop its $150 million investment in Celsius Network, a cryptocurrency lending platform that went bankrupt following the liquidity crisis brought on by the collapse of LUNA-UST.
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