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Temasek has dismissed claims that it invested US$10 million (S$13.3 million) in cryptocurrency Array.

On May 2, the investment company issued a statement on its website in which it said that it had seen articles and a tweet about its investment in Array.

"This news is incorrect," Temasek wrote.

"Temasek has not invested in Array and we have no relationship with them," it added.

Statement issued following news reports on AsiaOne and Yahoo! News

Temasek's statement was issued following news reports in AsiaOne and Yahoo! News about the so-called investment in Array.

Prior to its removal, the article on AsiaOne, which appeared to be syndicated from Media OutReach, said that Array had secured a US$10 million from investment company "Temasek Family".

The article added:

"Array is thrilled to reveal that its valuation after this investment is rumoured to be over US$100 million, making it one of the most valuable algorithmic currency systems in the market."

It also gave more details about Array as a company that has designed an algorithmic currency system which is more stable, efficient and scalable than "traditional cryptocurrencies".

Apart from AsiaOne, the report of the investment has also been removed from Yahoo! News as well as Media OutReach.

Temasek replies to Cointelegraph on Twitter

The report about the so-called investment was also shared by crypto news site Cointelegraph on Twitter, and retweeted by Array's official Twitter account.

Temasek subsequently responded to the tweet with its own account, reiterating its statement.

This is incorrect. Temasek has not invested in@Array_Protocol and we have no relationship with them.

— Temasek (@Temasek) May 2, 2023

In response, Cointelegraph updated its article instead to include Temasek's statement with a new headline.

As of time of writing, Array has yet to remove the retweet however, which still shows the original headline.

Mothership has also reached out to Array for comment on the matter.

Previously decided to write down its investment in FTX

Earlier in November 2022, Temasek said that it had decided to write down its US$275 million (S$377 million) investment in cryptocurrency firm FTX, “irrespective of the outcome of FTX’s bankruptcy protection filing”.

The firm also said that it would continue to remain, "prudent and exercise caution even as it explores opportunities aligned with structural trends, to deliver sustainable returns over the long-term for our overall portfolio."

Temasek further stated:

"There have been misperceptions that our investment in FTX is an investment into cryptocurrencies. To clarify, we currently have no direct exposure in cryptocurrencies."

Top collage via Temasek website and AsiaOne