Cryptocurrency: On.Pension plans for teachers who invested in failed platforms

Ontario Teachers’ Pension Plan says it has invested US$95 million in failed cryptocurrency exchange platform FTX Trading.

Rival exchange platform Binance withdrew its FTX purchases due to serious concerns, sending crypto prices down and bitcoin hitting a two-year low.

FTX is currently under investigation for possible securities violations.

OTPP says it has invested in FTX’s international and U.S. divisions through its Teachers’ Venture Growth platform, giving it small exposure to this emerging area.

According to the company, the financial loss from investing in FTX will have limited impact on the pension plan, as FTX investments account for less than 0.05% of total net assets.

Customers were fleeing FTX after concerns arose that FTX did not have enough capital.

This report by the Canadian Press was first published on November 10, 2022.