Ontario Teachers Fund sank $ 95 million in failed FTX empire

Ontario Teachers Fund sank $ 95 million in failed FTX empire

In Ontario, a pension fund for teachers in the current cryptocrisy after considerable investments in FTX will be affected last year.

The Ontario Teachers' Pension Plan Board, which supervises the fund, said that around $ 95 million in Sam Bankman-Frieds was once impressive Finanzpost .

This empire has now collapsed according to a number of scandals, including those of FTX href = "https://www.reuters.com/technology/exclusive-fxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/"> mixed User assets with the sister trading company Alameda Research. The balance of the unit was heavily weighted on the native tokens of FTX, FTT, which has crashed by 85 % in the three days.

Ontario Teachers first invested $ 75 million in the FTX and FTX and FTX.Us based on his venture arm Teachers' Venture Growth (TVG), which was reported to be founded two years earlier to put money in aspiring technology companies.

A further $ 20 million were distributed to FTX.US in January of this year. While the crypto prices then declined from the all-time highs that had been reached months earlier, the external appearance of the market predicted relative stability and growth.

It is not clear how high the funded losses are at this point. A spokesman did not immediately answer a request for comment.

Olivia Steedman, head of TVG, had previously justified the investments as a bet on the crypto infrastructure in contrast to a single cryptocurrency, since it believed that according to Financial Post, the industry predicts long-term growth.

The FTX engagement of the fund is about 0.05 % of its total assets, and the potential collapse of FTX would only have a limited impact, the board said in the report. The board more than 242 "> Billions Canadian dollars ($ 182 billion) of net assets on behalf of school teachers in Ontario.

The local teacher Darren Little, who does not have any funds directly bound into the fund, told Blockworks that he assumed that some teachers would be angry that the pension would be exposed to such a “volatile sector” of the market.

According to the structure of the fund, the teachers must make a contribution to the plan that is adapted

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