Rival exchange Binance pulled out of an FTX purchase deal amid major concerns, sending cryptocurrency prices plunging, with Bitcoin sinking to a two-year low. FTX is now being investigated for potential securities violations. OTPP says it invested in FTX’s international and US arms through its Teachers’ Venture Growth platform so it could gain small-scale exposure to this emerging region. It says any financial loss from its investment in FTX will have a limited impact on the pension plan because the investment represents less than 0.05 percent of its total net assets. Customers have been abandoning FTX after concerns arose that it may not have sufficient capital. This report by The Canadian Press was first published on November 10, 2022.
