Ontario Teachers’ Pension Plan Will Stay Away From Crypto Investments After $95M FTX Write-Off: FT

The Ontario Teachers’ Pension Plan (OTPP), which wrote off a $95 million investment in the now bankrupt cryptocurrency exchange FTX, says it will not rush into another crypto play, 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 OTPP came under scrutiny for the investment following FTX’s dramatic collapse in November, according to the report. FTX founder Sam Bankman-Fried is facing a string of charges of fraud and conspiracy, 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 did not immediately respond to CoinDesk’s request for further comment.

Edited by Parikshit Mishra.

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