Ontario Teachers Sunk $95M in FTX—Pension Fund Says Collapse Will Have ‘Limited Impact’

InfoNesia.xyz – The Ontario Teachers’ Pension Plan says the $95 million it invested in FTX Trading and FTX US will have a “limited impact” on the plan.

The investment represents 0.05% of its total net assets, the organization said yesterday in a statement.

If a Canadian pension fund investing in a crypto firm that’s gone bankrupt sounds familiar that’s because it has happened before. In August, CDPQ—one of Canada’s largest pension managers—announced that it had written off its $150 million investment in bankrupt crypto lender Celsius Network.

There are other large pension funds that have indirect exposure to a bankrupt crypto firm following FTX’s filing for Chapter 11 bankruptcy protection on Friday morning. The firm’s sister entity algorithmic trading firm Alameda Research, its American subsidiary FTX.US, and roughly 130 affiliated companies will also be filing for bankruptcy.

The Alaska Permanent Fund Corp., (a $70 billion pension fund for residents) and the Washington State Investment Board (a $144 billion pension fund for public employees) both have Sequoia Capital’s Global Growth Fund III in their portfolios, according to a report from Pensions & Investments.

Sequoia, which manages $85 billion in assets, shared a letter Wednesday evening on Twitter calling its exposure to FTX “limited.” The asset manager said it invested $150 million in FTX.com and FTX US, but that it’s offset by approximately $7.5 billion in realized and unrealized gains—”so the fund remains in good shape,” it said.

How to Get Money Out of FTX (But Only If You’re Filthy Rich)

In the wake of the complete collapse of the crypto exchange FTX, along with its founder Sam Bankman-Fried’s multi-billion dollar fortune, it appears further financial chicanery is afoot. Wit…