SINGAPORE: Temasek, the state-owned investment company, has refuted a report from May 1 claiming it invested US$10 million (S$13.34 million) in Array,
SINGAPORE: Temasek, the state-owned investment company, has refuted a report from May 1 claiming it invested US$10 million (S$13.34 million) in Array, a company described as a developer of an algorithmic currency system utilizing smart contracts and artificial intelligence.
In a statement released on May 2, Temasek labeled the report as “fake news” and clarified that it had encountered a tweet and news articles regarding the supposed investment, which it deemed incorrect.
“Temasek has not invested in Array, and we have no relationship with them,” the company stated in a notice on its website.
The controversy originated from a May 1 tweet by cointelegraph.com, which mentioned, “Singapore’s Temasek is still bullish on the crypto industry despite losing $275 million to FTX,” and linked to an article titled, “FTX investor Temasek pours $10M into algorithmic currency system Array.” However, clicking the link redirected to an amended headline: “Temasek denies $10M investment in algorithmic currency system Array.” The article had been updated following Temasek’s denial.
Temasek promptly responded to the tweet from cointelegraph.com, stating, “This is incorrect. Temasek has not invested in @Array_Protocol, and we have no relationship with them.”
It’s important to note that Temasek previously invested in the cryptocurrency exchange FTX, which declared bankruptcy in the U.S. on November 11, 2022. On November 17, Temasek announced it would write down its investment in FTX, valued at US$275 million (S$377 million), irrespective of the bankruptcy proceedings.
To clarify, writing down an asset means reducing its value for tax and accounting purposes while retaining some worth, as opposed to writing it off completely, which would negate its present and future value. At its peak, FTX was the third-largest cryptocurrency exchange in the world, valued at nearly S$44 billion just the previous January.
Temasek further clarified in its November 17 statement that it had “no direct exposure to cryptocurrencies.”
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