Ontario Teachers’ Pension Plan Cuts Investment in FTX to Zero

of Ontario teacherpension Plan says it will depreciate its US$95 million investment in FTX. of Cryptocurrency exchanges that collapsed last week have gone to zero.

of Ontario pension The Fund invested US$75 million in FTX International and its US subsidiary, FTX.US, in October 2021, and another US$20 million in FTX.US in January of this year.

of the investment is teacher‘ Venture Growth in Moves to Gain Exposure to Emerging Fields of financial technology sector.

Ontario teachersay of The investment represents less than 0.05% of total net worth, representing 0.4% and 0.5% ownership of FTX International and FTX.US respectively.

it says of Limited loss impact of Considering that the scale is large compared to total net assets and the financial structure is strong,

John Ray III, appointed CEO of FTX last week, called of The situation of ‘total failure’ of corporate control of cryptocurrency exchange.

canadian press