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Singapore's Temasek to review FTX crypto deal after $275m hit

City-state's finance minister admits reputational damage for state investor

Singapore's Temasek has faced questions over the nature of its due diligence on FTX after it took a $275 million write-down on the exposure. (Source photos by Reuters)

SINGAPORE -- Singapore on Wednesday acknowledged that its state investment arm Temasek suffered "reputational damage" after a failed bet on FTX, one of the world's largest cryptocurrency exchanges.

In parliament, Finance Minister Lawrence Wong, who is also deputy prime minister and is earmarked to take over from Singapore leader Lee Hsien Loong, said Temasek has started an internal review of its FTX investment after it had to take a $275 million write-down on the exposure.

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