Pension Giant Ontario Teachers' Plans to Write Off All $95 Million Invested in Crypto Exchange FTX 📉

[admin]

One of Canada's largest pension funds, Ontario Teachers' Pension Plan (OTPP), is reportedly planning to write down the entirety of its $95 million investment in FTX and FTX US after the firms filed for bankruptcy protection. According to a statement, OTPP invested $75 million in FTX International and its U.S. entity FTX.US in October 2021 and followed with another $20 million in FTX.US in January of this year.

The firm stated,

"The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position. However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.”

https://www.coindesk.com/business/2022/11/18/pension-giant-ontario-teachers-plans-to-write-off-all-95-million-invested-in-crypto-exchange-ftx/