Cryptocurrencies: Ont. The teacher’s retirement plan invested in the foundation failed
The Ontario Teachers’ Retirement Plan says it invested $95 million in the failed crypto exchange FTX Trading.
Rival exchange Binance pulled out of an agreement to buy FTX due to significant concerns, sending cryptocurrency prices down, with Bitcoin dropping to a two-year low.
FTX is currently under investigation for potential securities violations.
OTPP said it has invested in FTX’s international and US companies through its Growth Ventures for Teachers platform to gain small-scale access to this emerging sector.
It said any financial loss on an investment in FTX would have a limited impact on the pension plan as the investment represents less than 0.05% of its total net worth.
Customers left FTX after concerns arose that it might not have enough capital.
This Canadian Press report was first published on November 10, 2022.