'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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Sequoia Capital tells investors it did proper due diligence on FTXThis is the first official communication between the firm and its limited partners, since the FTX collapse.
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FTX Exposure Limited, Says Venture Capital Giant SequoiaIn a note to limited partners, Sequoia says it invested just over $200 million in FTX via two funds.
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Binance Bails On FTX Acquisition — Here’s What Led To The FTX Crypto CrashBinance will reportedly back out of its agreement to buy rival cryptocurrency exchange FTX, the latest in the sudden unraveling of billionaire Sam Bankman-Fried’s crypto titan FTX once valued at $32 billion, taking down the value of digital assets with it.
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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.
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FTX Website Experiences Temporary Outage, Warns Users Not to Make Deposits.FTX_Official’s website experienced a temporary outage on Wednesday, and it now has a banner warning users not to make deposits. cheyenneligon reports
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Sequoia says its investment in FTX is now worthlessSequoia Capital, a leading venture capital firm, said in a letter to its limited partners that it has marked down the value of all its investments in FTX to zero.
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