• The Ontario Teachers’ Pension Plan (OTPP) recently wrote off a $95 million investment in the bankrupt cryptocurrency exchange FTX.
• CEO Jo Taylor has expressed caution about future investments and stated that the fund is still working to figure out what happened with the FTX investment.
• The pension fund is taking into account feedback from its members before making any new crypto investments.
Ontario Teachers’ Pension Plan’s Investment in FTX
The Ontario Teachers’ Pension Plan (OTPP) recently wrote off its $95 million investment in the now-bankrupt cryptocurrency exchange FTX, after facing scrutiny for their decision. The $190 billion Canadian pension fund expressed caution toward any future crypto investments and are taking into account feedback from their members before deciding on any new investments.
FTX Founder Facing Fraud Charges
FTX founder Sam Bankman-Fried is currently facing a string of fraud and conspiracy charges, and is awaiting trial in October. OTPP CEO Jo Taylor expressed regret over the outcome of their decision, stating “We took our time and did a lot of due diligence on the business. It didn’t turn out the way we thought.”
No Rush To Invest In Crypto
Taylor further stated that it would be unwise for them to rush into another crypto investment just yet, as they are still working through what exactly happened with their previous one. He also said this was taking into consideration feedback from their members when making decisions regarding any new investments.
Future Developments
It remains to be seen whether or not OTPP will make any more crypto investments in the near future, as they seem to be taking a very cautious approach following this experience. Meanwhile, rumors have been circulating that FTX could potentially reopen after its bankruptcy proceedings have concluded later this year, although such reports remain unconfirmed at present.
Conclusion
It appears unlikely that OTPP will make any major moves toward investing in cryptocurrencies anytime soon, as they still seem to be processing what went wrong with their previous venture. Members of OTPP can expect more updates on potential future developments when available going forward.