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Gungun Bhatia
Nov 28, 2022
by Gungun Bhatia

FTX Demise Places Singapore Government in Parliamentary Hot Seat

FTX Singapore

Table of contents

  1. MPs to Question Singapore Government
  2. Temasek - A State-Backed Investor
The prime minister of Singapore and the ruling administration are under fire following the fall of the now-bankrupt cryptocurrency exchange FTX. Due to their inability to safeguard retail investors, Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong of the Singapore Government will be subjected to intense questioning.

MPs to Question Singapore Government

The opposition Workers' Party's MPs asked structured questionnaire on Temasek's investment and the demise of FTX. The MPs questioned the government's ability to accurately track the volume of investments made by Temasek and Singapore's GIC sovereign investment fund.

On November 28, a legislative session will examine the debates around the government laws about putting money into digital assets in greater detail, according to a Singaporean newspaper. A bipartisan committee should interrogate Temasek about its investment plans and operational risk management, according to recommendations made by the opposition MPs.

Temasek - A State-Backed Investor

Temasek, a state-backed investor from Singapore, participated in the $420 million investment round for the FTX cryptocurrency exchange with 69 other investors in October 2021. The corporation has put $210 million into the international exchange for a 1% minority ownership and another $65 million into FTX.US, one of its sister companies. However, regardless of the result of FTX's bankruptcy proceedings, the state-backed investor wiped down the whole $275 million it had invested in the cryptocurrency exchange.

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FTX Demise Places Singapore Government in Parliamentary Hot Seat
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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