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Canada’s $300 Billion Pension Fund Loses $150M

Caisse de Depot et Place du Quebec (CDPQ), one of Canada’s largest pension funds, announced that it lost $150 million due to the bankrupt crypto lending platform Celsius Network.

CDPQ announced on its official website on August 17 that it has lost $150 million from the currently pending crypto lending platform Celsius Network. Company CEO Charles Edmond said in a statement that they knew there was a general risk associated with crypto assets, but they may have underestimated that risk a bit.

The company announced a total loss of $26 billion in its performance presentation for the year’s first half. This corresponds to 7.9% of the total asset value.

CDPQ announced in October 2021 that it added Celsius Network to its portfolio as the total market cap of cryptocurrencies approached $3 trillion. Upon the addition of Celsius to the portfolio, CDPQ Chief Technology Officer Alexandre Synnett said for Celsius in a press release, “The world’s leading crypto lender. He used the term “.