Singapore's state-owned investment company Temasek has cut employee compensation after suffering losses from a failed investment in cryptocurrency exchange FTX. According to sources familiar with the matter, the company's CEO, Ho Ching, informed staff of the decision in an email on Friday.

（Cointime）On May 2, Temasek, the Singaporean state-owned investment company, issued a statement denying reports that it had invested in Array, a technology company. The statement came after news articles and a tweet from Array claimed that Temasek had made an investment in the company. However, Temasek confirmed that the news was incorrect and that it had no relationship with Array,"We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them."

Singapore's Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence. The new system aims to provide a more stable, efficient, and scalable asset than traditional cryptocurrencies like Bitcoin. Array's smart contract platform, ArrayFi, enables decentralized applications built on top of its network and driven by its proprietary AI algorithm, ArrayGo. Temasek's investment comes several months after it lost its entire $275 million FTX investment, but the firm continues to invest in cryptocurrency projects.

SeaTown Holdings, indirectly owned by Temasek Holdings Pte., is planning to raise about $1.5 billion for its new Asia-focused private credit fund, people familiar with the matter said.

Crypto unicorn Amber Group is slashing costs and jobs across the board, halving its total staff size in Hong Kong to 40 by cutting support jobs including IT, risk management, audit and compliance, a source said, as the firm scrambles to survive a cryptocurrency market meltdown.

The collapse of now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime minister Lee Hsien Loong and deputy prime minister Lawrence Wong are set to face grilling questions for their failure to protect retail investors.

Temasek’s investment in collapsed cryptocurrency exchange FTX will be discussed at the next Parliament sitting, which starts on Monday (Nov 28).

Los Angeles-based Carv is the latest contender in the space to have attracted investor attention. The company recently raised $4 million, valuing it at a handsome $40 million, it tells TechCrunch. The round was led by Vertex, an early-stage focused VC firm under the Singaporean sovereign wealth fund Temasek.

Temasek invested in both the FTX mothership and its U.S. wing in concurrent funding rounds of $400 million each in January of this year. The investment fund is now prepared to write off the entire amount of its investments, according to the report, which cited people familiar with the matter.

Singapore’s state-owned investor, Temasek International, invested between $200 million and $300 million into cryptocurrency firm FTX before its implosion, according to people familiar with the matter.