Temasek cuts pay of staff after failed investment in crypto exchange

Singapore state-owned investment fund Temasek Holdings said that it has cut the pay of staff responsible for its investment in cryptocurrency exchange FTX, which collapsed last year.

Last year, the fund wrote off all of the $275 million it invested in FTX, the BBC reported.

Prosecutors have accused FTX’s former chief executive Sam Bankman-Fried of orchestrating an “epic” fraud which may cost investors billions of dollars.

Bankman-Fried has pleaded not guilty to the charges.