Due to the alleged actions of its executives, the platform has taken severe action against them. The company has penalized its team and senior management for investing $275 in the now-defunct FTX cryptocurrency exchange platform.

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Singaporean Investment Platform Targets Workers for FTX Investment

The decision to invest a large sum of money in the now-defunct cryptocurrency exchange paved the way for a substantial loss of reputation. According to the platform's statement, the respective development also resulted in a reduction of the team members' salaries.

The most recent development is the result of an external party's independent internal review. The findings of the outside organization were presented to the city's sustainability authority.

The platform's decision to penalize its executives can be interpreted as an attempt to avoid criticism, despite the fact that the investigation found no evidence of team members' misconduct.

The accountable parties have also accepted collective responsibility for the investment of up to $210 million in the infamous cryptocurrency exchange. According to Temasek, the investment was made for a stake of approximately 1% in the cryptocurrency platform.

In October 2021 through January 2022, the crypto exchange's US-based subsidiary received an additional investment of approximately $85 million.

Temasek immediately wrote down the totality of its investments in the cryptocurrency exchange following the collapse of the company in November of 2017. The top platform is categorized among a few autonomous wealth funds that are owned by the Singaporean government.

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The platform is responsible for managing a portfolio with a value of nearly $403 billion (nearly $297.8 billion) as of March 2022, primarily within Singaporean jurisdiction and the Asian region. The investment in FTX resulted in dissatisfaction for Temasek. In its statement, the platform mentioned FTX's allegedly fraudulent behavior.

The Platform Expresses Disappointment Regarding Its Investment's Outcomes

It added that investors were deliberately kept in the dark about the respective activity. In this regard, Singaporean authorities attempted to claim that they had no role in FTX's operations. The fund expressed its dissatisfaction with the investment's performance. The company acknowledged that its reputation was negatively affected.

Following the massive collapse of FTX, SamBankmanFried (CEO of the FTX cryptocurrency exchange) and the rest of the company's executives were accused of engaging in a variety of illegal activities.

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The allegations against them include the diversion of a large quantity of cryptocurrency to the trading unit of the cryptocurrency exchange named Alameda Research. The respective action allegedly resulted in the loss of funds through high-risk wagers.