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Sequoia Capital marks down its FTX investment to $0

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'Based on our current understanding, we are marking our investment down to $0,' venture capital firm Sequoia Capital announced Wednesday.

Venture capital firm Sequoia Capital said it will mark down to zero its investment of over $210 million in cryptocurrency exchange FTX, as possibilities of bankruptcy loom.

"Based on our current understanding, we are marking our investment down to $0," the Silicon Valley-based firm said Wednesday.A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop in Sandy, Utah.Venture capital firm Sequoia Capital said it will mark down to zero its investment of over $210 million in cryptocurrency exchange FTX, as possibilities of bankruptcy loom.note to investors posted on Twitter.

"Based on our current understanding, we are marking our investment down to $0," the Silicon Valley-based firm said Wednesday. "The full nature and extent of this risk is not known at this time," Sequoia said, adding that they are monitoring the situation which is developing quickly. FTX, owned by 30-year-old entrepreneur Sam Bankman-Fried, was valued at $32 billion earlier this year.backed out of a proposed dealAlso on Wednesday, the U.S. Department of Justice and the Securities and Exchange Commission reportedly launched investigations into the sudden implosion of the crypto trading platform.

 

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Funny. Working on a way to save a centralized exchange to save decentralization. Life is full of paradoxes. Binance is really no different. It’s a centralized exchange trying its best to skirt all regulations, less so with FTX.

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