Writers in the millions
Swiss pension funds seep away in the FTX swamp
Funds from pension funds have also been invested in FTX via a Swiss crypto fund. The fund has to write off CHF 13 million.
Swiss pension funds have also invested in the FTX crypto platform.
So far, it has looked as if Swiss investors will not be greatly affected by the bankruptcy of the FTX trading platform. Now it turns out that this is not the case for everyone. As the financial portal “Tippinpoint” reports, the FTX bankruptcy is costing a Swiss crypto fund a lot of money. He lost more than a fifth of his fund assets.
The fund concerned is the SwissRex Crypto Fund. The loss amounts to 13 million francs, which were mainly invested in so-called DeFi tokens. This emerges from a letter to the shareholders.
Not suitable for all investors
The problem: It is not foreseeable whether investors will ever get any more money from the FTX bankruptcy. FTX is said to have embezzled billions in customer funds. FTX founder Sam Bankman-Fried (30) was long considered a crypto prodigy. Until his scams were exposed in November and he was blamed for the biggest fraud scandal in the crypto world.
The piquant thing: not only investors who are willing to take risks have invested in the fund, but also pension funds have bought shares in the fund. This means that pension funds that should actually be invested safely are now possibly lost forever.
According to the information provided by the fund operator, it is specifically Swiss vested benefits that were invested in the fund by the relevant foundations. (ko)