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'Fake news': Temasek Holdings refutes reports of S$13.4m investment in cryptocurrency firm Array

SINGAPORE — State investment firm Temasek Holdings has refuted a claim that it made an investment of US$10 million (S$13.4 million) in cryptocurrency company Array, calling it "fake news". 

Temasek Holdings regards generative artificial intelligence as a "nascent" technology.

Temasek Holdings regards generative artificial intelligence as a "nascent" technology.

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SINGAPORE — State investment firm Temasek Holdings has refuted a claim that it made an investment of US$10 million (S$13.4 million) in cryptocurrency company Array, calling it "fake news". 

In a statement posted on its website on Tuesday (May 2), Temasek said that it had seen news articles and a tweet from Array about the supposed investment.

"This news is incorrect. Temasek has not invested in Array and we have no relationship with them," it said. 

The supposed investment was first reported on Monday by several news outlets, including Yahoo News and AsiaOne. 

According to a press release from Array published by AsiaOne, the company said that it had secured a US$10 million investment from "Temasek Family". There is no entity called Temasek Family.

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

An algorithmic currency system is related to a type of cryptocurrency called a stable coin.

The firm's first round of funding had raised US$10 million in equity financing, which is a "strong indication of Array's potential and value", Array said.

Array added that it has gained significant attention and support from investors, and this second round of funding is "even more remarkable".

In November last year, Temasek initiated an internal review after it said it would write down its US$275 million investment in cryptocurrency exchange FTX.

TODAY has reached out to Temasek and Array for comment. 

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