Temasek Holdings Lost US$275M on FTX Collapse

https://www.channelnewsasia.com/singapore/ftx-cryptocurrency-exchange-temasek-write-down-investment-275-million-3079086

Wow, even Temasek Holdings also kena burned, but US$275M peanuts la, not their money anyway, but might as well give every Singaporean better, better than throw into a blackhole, still want to increase GST and public transport fares, power sia, I wonder what the leadership of Temasek Holdings have to say to Singaporeans, or nothing to say.

Anyway after the collapse, everybody started to dig out all the dirt on Sam Bankman-Fried and his partners in crime, even I also curious who the heck this guy is, to be honest I have never even hear his speech or anything, went to google his interviews, he sounds like a gin na, a bit like Donald Duck, cannot imagine how this gin na managed to convince all the big names to invest in his ponzi scheme, names like BlackRock.

Knn, back in May I still thought of signing up for an FTX account, but lucky didn't sign up because I can't see any solid use case for their FTT token, and their on/off ramp seems not easy for Singapore users, and something just isn't quite right, I mean back in May all the markets are down, companies cutting back on spending, and yet FTX is going around spending money, good thing I stayed away.

A bit more on FTT token, it does not even power any blockchain, for example Ethereum's ETH is the native token of the Ethereum blockchain, ETH is used to pay for gas fees, you can think of ETH as the fuel of Ethereum blockchain, Binance's BNB is the same but for BNB Chain, Polygon's MATIC for Polygon blockchain, Crypto.com's CRO for CRONOS and Crypto.org blockchains, only thing I see for FTT is their earn and stake programs and also if you hold FTT you get trading discounts, overall not attractive to me so I didn't sign up for FTX.

Really what the heck man this FTX, the more I see the story unfold, the more it looks like a Madoff style con job.


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