Canadian pension fund CDPQ explores legal options over failed crypto firm
Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ) is exploring legal options over bankrupt crypto lending firm Celsius and will no longer invest in crypto firms, it said on Wednesday.
CDPQ’s statement came as the fund recovers from its failed investment in New Jersey-based Celsius, which filed for bankruptcy in July less than a year after it received an investment of $150 million from the fund.
“We will preserve our rights and explore legal options,” CDPQ Chief Executive Charles Emond said on an earnings conference call, adding the fund had focused on the future potential of Celsius instead of present performance.
Emond defended the fund’s investment and said it had carried out “extensive due diligence” on the company. “We were interested in seizing the potential of blockchain technology, but clearly things did not go as expected,” he said.
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