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Wong also addressed the investment of Singapore’s state-owned investment fund Temasek into FTX, saying that it had caused not just financial loss but also reputational damage. Days after Sam Bankman-Fried’s crypto enterprise filed for bankruptcy protection in the U.S., Temasek announced it had written off its entire FTX investment of $275 million, which it said was made after conducting eight months of due diligence. Wong said that Temasek had initiated an internal review by an independent team to study and improve its processes, and to draw lessons for the future.
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