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.
Apr 21, 2023 at 11:51 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DNT4HWDJO5DQRE6346MKC4XLAA.jpg)
The Ontario Teachers' Pension Plan is taking a cautious approach toward crypto after its losing bet on FTX. (Shutterstock)
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.
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Jamie Crawley is a CoinDesk news reporter based in London.
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