Cryptocurrency: losses of more than $125 million for Ontario teachers

Cryptocurrency investments have caused the Ontario Teachers’ Pension Plan (OTPP) to lose more than $125 million.

• Read also: Big Name Cryptocurrency Exchange FTX Goes Bankrupt

• Read also: FTX claims to make “every effort” to secure the assets

Teachers’ invested US$75 million in October 2022 in FTX International and its US entity (FTX.US), before making a second investment of US$20 million last January, for a total of US$95 million (approximately 125 million CAD).

The cryptocurrency giant, however, filed for US bankruptcy last week, while recent reports indicate that there may have been fraud at FTX, Teachers’ said Thursday.

“We will reduce our investment in FTX to zero at the end of our year. The financial loss resulting from this placement will have a limited impact on the Plan, given its size in relation to our total net assets and our solid financial position,” a statement said.

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According to the organization, this investment made from Teacher’s Venture Growth (TVG) represents less than 0.05% of the organization’s net assets. The pension plan owned 0.4% and 0.5% of FTX International and FTX.US, respectively.

“However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” added Teachers’.

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