Venture capital giant Sequoia Capital says it's marking down the full value of its investment in FTX to zero dollars, amid uncertainty over the crypto exchange's liquidity crunch.
The VC firm wrote a letter to its investors informing them of their decision to fully write down an around $214 million investment in FTX's US and global businesses. The letter was posted on VC firm's"The full nature and extent of this risk is not known at this time.
"We are in the business of taking risk. Some investments will surprise to the upside, and some will surprise to the downside," Sequoia added.
See this is the shit y'all need to be tweeting about. BUSINESS
One of the biggest scams ever but because it did not happen in one of traditional industries people are ignoring it.
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Källa: CNBC - 🏆 12. / 72 Läs mer »
Källa: Forbes - 🏆 394. / 53 Läs mer »