Canada’s second-largest pension fund, Caisse de dépôt et Placement du Québec (CDPQ), has posted a write-off of CAD 200 million (~$150 million) of investments in cryptolending platform Celsius Network. The Block writes about it.

The step is connected with the principle of conservatism of financial statements, the company explained.

Pension fund CEO Charles Emond admitted he was too hasty to enter the industry, which is in its infancy. He added that Celsius went through a comprehensive due diligence “with the involvement of many experts and consultants.”

Over the past six months, CDPQ, with assets of CAD 392 billion ($303 billion), provided clients with an average loss of 7.9%.

Recall that the pension fund supported Celsius Network in a $400 million round in October 2021.

On July 13, the platform filed for Chapter 11 bankruptcy in a New York court. The company said its liabilities exceeded its balance sheet assets by nearly $1.2 billion.

According to the latest estimate, the “hole” in the Celsius Network balance sheet was $2.85 billion. From August to October, the platform will lose $137 million due to investments in the mining business and restructuring expenses, having completely exhausted its cash reserve.