The Ontario Teachers' Pension Plan says it invested US$95 million into failing cryptocurrency exchange platform FTX Trading.
Rival exchange platform Binance pulled out of a deal to purchase FTX due to significant concerns, sending cryptocurrency prices falling, with Bitcoin sinking to a two-year low.OTPP says it invested in FTX's international and U.S. arms through its Teachers' Venture Growth platform so it could gain small-scale exposure to this emerging area.
It says any financial loss on its investment in FTX will have limited impact on the pension plan because the investment represents less than 0.05 per cent of its total net assets.This report by The Canadian Press was first published Nov. 10, 2022.
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