Ontario Teachers' Pension Plan Won't 'Rush' Into Crypto After FTX Write-Off: FT

The fund has written off its $95 million investment in the bankrupt exchange.

AccessTimeIconApr 21, 2023 at 11:51 a.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Ontario Teachers' Pension Plan, which wrote off its $95 million investment in the now bankrupt cryptocurrency exchange FTX, says it won't rush into another crypto investment, the Financial Times reported on Friday.

The $190 billion Canadian pension fund is "still working through what exactly happened there and you're going to be careful," CEO Jo Taylor said in an interview.

“It’d be unwise for us to rush” into another crypto investment based in part on “feedback from our members”, he said.

The pension fund came under scrutiny for the investment following FTX's collapse in November, according to the report. FTX founder Sam Bankman-Fried is facing a string of charges of fraud and conspiracy and is awaiting trial in October.

“We took our time and did a lot of due diligence on the business. It didn’t turn out the way we thought,” Taylor said.

OTPP didn't immediately respond to CoinDesk's request for further comment.

Edited by Parikshit Mishra.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.