Sequoia Capital says it's marking its investment in FTX down to $0 as a liquidity crunch threatens to put the crypto exchange into bankruptcy
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.
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