The Ontario Teachers' Pension Plan (OTPP) may have lost $95 million it invested in the insolvent crypto platform FTX, but claims this will have a "limited impact" on the plan..The OTPP released a statement that it invested $75 million in FTX International and FTX US in October 2021. It also made an additional $20 million investment in FTS US in January 2022. The investments were done in order "to gain-small scale exposure to this emerging area.".The $95 million investment represents just 0.05% of the plan's total net assets. In 2020, the OTPP was estimated to have $221.2 billion in assets..Last week was one of the most tumultuous ones for crypto in recent memory, as the fifth largest crypto exchange by volume went bankrupt. 30-year-old Sam Bankman-Fried, the founder of FTX and investment firm Alameda Research, saw his net worth fall from $17.2 billion to virtually zero in just a few days..Trust in FTX began collapsing after leaked documents revealed that over $5 billion of Alameda Research's $14 billion balance sheet was in FTT, a token issued by FTX. With the value of FTT having fallen from $80 in early 2022 to just $25, concerns were raised that FTX might be insolvent..Rival exchange platform Binance then began selling its FTT reserves, sending the price tumbling. After concerned crypto investors began attempting to pull over $6 billion in funds from FTX, the platform froze user withdrawals. FTX, Alameda Research and about 130 of its other companies then filed for bankruptcy..Binance had been musing a purchase of FTX, but pulled out of the deal due to concerns that the platform had been trading user funds. This sent the crypto markets tumbling further, with Bitcoin falling to a two-year low of $17,000..To make matters worse, on Saturday it was revealed that hackers were withdrawing hundreds of millions of dollars from FTX..The OTPP is the second Canadian pension fund to be damaged by volatile crypto markets. In August 2022, Canada's second-largest pension, fund Caisse de dépôt et placement du Québec, wrote down about $150 million of its investments in crypto lending firm Celsius after it filed for bankruptcy..Other big-name backers of FTX included BlackRock, SoftBank, and Temasek. Sequoia Capital, one of the world's most successful venture capital firms, will mark down its investment of $214 million in FTX to zero.."We are in the business of taking risk,” it told investors. “Some investments will surprise to the upside, and some will surprise to the downside.”.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
The Ontario Teachers' Pension Plan (OTPP) may have lost $95 million it invested in the insolvent crypto platform FTX, but claims this will have a "limited impact" on the plan..The OTPP released a statement that it invested $75 million in FTX International and FTX US in October 2021. It also made an additional $20 million investment in FTS US in January 2022. The investments were done in order "to gain-small scale exposure to this emerging area.".The $95 million investment represents just 0.05% of the plan's total net assets. In 2020, the OTPP was estimated to have $221.2 billion in assets..Last week was one of the most tumultuous ones for crypto in recent memory, as the fifth largest crypto exchange by volume went bankrupt. 30-year-old Sam Bankman-Fried, the founder of FTX and investment firm Alameda Research, saw his net worth fall from $17.2 billion to virtually zero in just a few days..Trust in FTX began collapsing after leaked documents revealed that over $5 billion of Alameda Research's $14 billion balance sheet was in FTT, a token issued by FTX. With the value of FTT having fallen from $80 in early 2022 to just $25, concerns were raised that FTX might be insolvent..Rival exchange platform Binance then began selling its FTT reserves, sending the price tumbling. After concerned crypto investors began attempting to pull over $6 billion in funds from FTX, the platform froze user withdrawals. FTX, Alameda Research and about 130 of its other companies then filed for bankruptcy..Binance had been musing a purchase of FTX, but pulled out of the deal due to concerns that the platform had been trading user funds. This sent the crypto markets tumbling further, with Bitcoin falling to a two-year low of $17,000..To make matters worse, on Saturday it was revealed that hackers were withdrawing hundreds of millions of dollars from FTX..The OTPP is the second Canadian pension fund to be damaged by volatile crypto markets. In August 2022, Canada's second-largest pension, fund Caisse de dépôt et placement du Québec, wrote down about $150 million of its investments in crypto lending firm Celsius after it filed for bankruptcy..Other big-name backers of FTX included BlackRock, SoftBank, and Temasek. Sequoia Capital, one of the world's most successful venture capital firms, will mark down its investment of $214 million in FTX to zero.."We are in the business of taking risk,” it told investors. “Some investments will surprise to the upside, and some will surprise to the downside.”.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
