SoftBank writes off $100 mn investment in bankrupt crypto exchange FTX

Beleaguered Japanese investment firm SoftBank has reportedly written off about $100 million it invested as part of its Vision Fund 2 in now bankrupt crypto exchange FTX.

According to MarketWatch, the investment is now marked down to zero with SoftBank saying “it would not face a material markdown in the value of its stake”.

SoftBank had backed FTX after the startup raised $400 million in January, valuing it at $32 billion.

SoftBank has now disclosed a $100 million venture capital investment in crypto broker FTX.

Softbank CFO Yoshimitsu Goto was quoted as saying that $100 billion Vision Fund invested in FTX “as a minor stake in the company”.