Singapore’s state-owned investment company, Temasek, recently made headlines by publicly acknowledging the challenges faced in its investment decision regarding FTX, a cryptocurrency exchange.

The company has taken collective responsibility for the outcome and implemented salary cuts among the team involved in the investment. This move comes after Temasek incurred a substantial impairment of $275 million on its FTX investment. Additionally, Temasek led a $200 million B+ round of financing in Amber, another crypto firm that was on the brink of bankruptcy.

In an official statement, Temasek announced that the team responsible for the FTX investment and the senior management involved have collectively taken responsibility for the decision.

Temasek has implemented salary cuts for the team and senior management members involved in the FTX investment decision.