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.
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Sequoia Capital marks down its FTX investment to $0'Based on our current understanding, we are marking our investment down to $0,' venture capital firm Sequoia Capital announced Wednesday. ☹️ 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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Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will back out of its agreement to buy rival cryptocurrency exchange FTX, Binance said Wednesday afternoon, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion. Holy shit😭😭😭 Good morning, Forbes. This was posted by Binance like 5h ago. Thanks for playing ..
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