Singapore's Temasek Keeps Crypto Banned Four Years After FTX Loss
Temasek remains closed to crypto investments, holding firm on its ban that followed a $275M FTX writedown in 2022.
Singapore's state-owned investment giant Temasek is keeping cryptocurrency firmly off its investment agenda, four years after a costly bet on the now-collapsed FTX exchange left the fund nursing a $275 million writedown and facing sharp public backlash at home.
The firm's hard stance signals that the reputational and financial damage inflicted by the FTX implosion in late 2022 continues to shape its risk appetite. FTX, once among the world's most prominent crypto exchanges, filed for bankruptcy that year in one of the most dramatic collapses in digital-asset history, wiping out billions in investor value globally.
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For Temasek, the fallout was particularly stinging. The $275 million loss prompted rare domestic criticism of the sovereign wealth vehicle, which typically operates with a reputation for disciplined, long-term capital allocation. The public scrutiny intensified questions about how rigorous its due diligence process had been before committing capital to a crypto exchange that would later unravel amid allegations of fraud.
While other institutional investors have cautiously re-engaged with digital assets — partly encouraged by the approval of spot Bitcoin ETFs in the United States — Temasek appears unwilling to revisit the asset class, at least for now. The fund's continued abstention stands as a reminder that for some of the world's largest capital pools, the FTX era left wounds that regulatory progress alone has not healed.
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