Following a series of high-profile crypto exchange collapses over the past year, CPP Investments, Canada’s largest pension fund, has given up on researching potential investment opportunities in cryptocurrencies.

The reasons for CPPI’s decision to abandon crypto research were not immediately clear. CPPI declined to comment but stated that it has not made any direct investments in cryptocurrency. The timing coincides with a number of major setbacks in the virtual currency space, including the collapse of crypto lender Celsius earlier this year and the bankruptcy filing of crypto exchange FTX last month. CPP Investments has so far declined to comment on the development, but has stated that despite researching the sector, it has not made any crypto investments.

This means that CPPI, which manages C529 billion (US$388 billion) for nearly 20 million Canadians, avoided investing in the now-bankrupt FTX.

CPPI’s move also coincides with the write-off of investments by two of Canada’s largest pension funds following the collapse of crypto exchange FTX and crypto lender Celsius this year. Because the information was not public, the sources declined to be identified.

The sources for this piece include an article in Reuters.