Canada's largest pension fund is far away after depreciation of FTX investments by crypto

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Der Ontario Teachers‘ Pension Plan (OTPP) – Kanadas größter Pensionsplan für Einzelberufe – entschied sich, nach seinen schlechten Erfahrungen mit FTX nicht überstürzt in eine weitere Kryptowährungsinvestition zu investieren. Die Organisation gehörte zu den prominenten Unterstützern der inzwischen bankrotten Börse und investierte 95 Millionen US-Dollar. Der dramatische Absturz ließ diese Summe jedoch praktisch auf Null schrumpfen. Sinneswandel nach der FTX-Implosion Jo Taylor – Chief Executive Officer des 190-Milliarden-Dollar-Pensionsplans – erzählt der Financial Times, dass das Unternehmen aufgrund der durch die FTX-Kernschmelze ausgelösten Verluste von Kryptowährungsinvestitionen absehen wird. Er sagte, die Entscheidung basiere teilweise auf „Feedback unserer Mitglieder“, die vermutlich die …
The Ontario Teachers' Pension Plan (OTPP) - Canada's largest pension plan for individual professions - decided to invest in another cryptocurrency investment after his poor experiences with FTX. The organization was one of the prominent supporters of the now bankrupt stock exchange and invested $ 95 million. However, the dramatic crash practically shrinked this sum to zero. Change of meaning according to the FTX implosion Jo Taylor-Chief Executive Officer of the 190-billion-dollar pension plan-the Financial Times tells that the company will refrain from loss of cryptocurrency investments due to the losses triggered by the FTX core melt. He said the decision is partly based on "feedback from our members", which is probably the ... (Symbolbild/KNAT)

The Ontario Teachers' Pension Plan (OTPP)-Canada's largest pension plan for individual professions-decided to invest in another cryptocurrency investment after his bad experiences with FTX.

The organization was one of the prominent supporters of the now bankrupt stock exchange and invested $ 95 million. The dramatic crash, however, had this sum shrinked practically to zero.

Change of meaning after the FTX implosion

Jo Taylor-Chief Executive Officer of the 190 billion dollar pension- tells the financial time The company will forego the losses of cryptocurrency investments caused by the FTX core melt. He said the decision was partly based on "feedback from our members", which probably criticized the initial interaction of the fund with the collapsed platform:

"We have drawn some lessons from the investment. We received feedback from our members. We regret every loss in their name."

OTPP previously shown his support for FTX and made two separate investments for a total of $ 95 million in 2021 and early 2022. At that time, the stock exchange was one of the leaders in their area, while the cryptoma market was in a bull run.

While the fund's investment was less than 0.05 % of its total assets, OTPP (like many others) was criticized for dealing with a company whose founder-Sam Bankman-Fried (SBF)-fraudulent activities are accused.

Numerous agencies and failed investors alternately named the former CEO of FTX as the main civil for the decline and argued that his goal was to embezzle assets from customers.

After a short stay in a Bahama prison at the end of last year (shortly after the collapse), he was deported to the United States. However, the local authorities allows to live in the house of his parents under a whopping $ 250 million bond.

A process scheduled for early October should clarify whether it was involved in the incident and exclude his possible punishment. In the event of a guilty verdict, the 31-year-old could spend his life behind bars.

CDPQ lost funds due to Celsius

Another Canadian pension fund giant who had bad experiences in the crypto sector last year is the Caisse de Dépôt et Placement du Québec (CDPQ). It lost $ 150 million after investing in the cryptocurrency credit platform Celsius. CEO Charles Emond explained that his company had carried out an appropriate DUE diligence test before it jumped on the moving train, even though it still separated from the sum:

"The Due Diligence Test was quite extensive because many experts and consultants were involved. The team came in carefully. We had a share of 4 %. The conversations that we had internally were rather uncomplicated."

Celsius applied for bankruptcy protection in the USA last summer after chapter 11 after exposing the payments. Similar to OTPP, CDPQ promised to stay away after the unsuccessful investment of crypto lisers.

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