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SEQUOIA/FTX.
Sequoia Capital has marked it’s investment in FTX down to $0.
In a letter to investors they explained that a liquidity crunch has led to solvency problems. They did explain however that FTX is not in the top ten position in the fund, and the total investment in FTX was less than 3% of the committed capital of the fund.
It wasn’t just Sequoia Capital that lost investment in FTX – other top investors include BlackRock, Paradigm, SoftBank, Tiger Global, Temasek, Ribbit Capital and the Ontario Pension Fund.
Although Binance announced they had signed a Letter of Intent to acquire FTX, in less than 24 hours into their due diligence, Binance announced in an official statement that it was withdrawing its intent to purchase FTX …“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com”
FTX – a crypto exchange – last valued at $32 billion (!) & backed with $2bn + from the world’s biggest VC investors.
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