The Missouri State Employees’ Retirement System (MOSERS) is estimated to have lost $1 million due to its investment in FTX.
MOSERS administers disability benefits, insurance, and retirement for most state employees in Missouri. This includes higher education staff, judges, and statewide elected officials.
Under its embattled CEO Sam Bankman-Fried, FTX grew to be the third-largest crypto exchange by volume with over 1 million users averaging about $10 billion in trading volume per day at its peak in 2021. The Bahamas-based cryptocurrency exchange filed for bankruptcy protection on Nov. 11 due to a liquidity crisis, forcing customers to abandon the platform.
MOSERS chief investment officer T.J. Carlson informed the retirement system’s board of the loss on Friday, The Kansas City Star reported. The private equity firm the pension fund invested in was identified as BlackRock, the New York-based asset management firm….