Investing nearly 100 million U.S. dollars in FTX all returned to zero! Canadian Pension Fund: Don’t Dare to Touch Cryptocurrencies Anymore

by News Expert

The cryptocurrency exchange FTX collapsed in November last year, and the assets of millions of users around the world disappeared overnight. As one of the shareholders of FTX, the Ontario Teachers’ Pension Fund (OTTP) in Canada can only claim all the compensation. After investing nearly 100 million US dollars in vain, I was too scared to touch the cryptocurrency field again.

It is reported that OTPP has assets of 190 billion U.S. dollars and provides pensions for 330,000 teachers and school staff. It has invested a total of 95 million U.S. dollars between FTX and FTX US at the end of 2021 and early 2022, but FTX fell into liquidity. After the crisis, the investment in FTX has been written down to “zero” by itself.

Although OTPP emphasized in the statement at the time that “this investment accounts for less than 0.05% of our total net assets”, according to the report of the British “Financial Times”, after experiencing the FTX thunderstorm, the current OTPP can be said to be a good investment in cryptocurrencies. Back away.”

Jo Taylor, CEO of OTPP, said: “We are still studying what is happening in the cryptocurrency space. This decision is based on the feedback of our members. We believe that it is unwise to rush to make another cryptocurrency investment now. ” 

Jo Taylor added that OTPP was focusing on new opportunities in the real estate sector, while also looking to increase exposure to private credit. 

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