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Sequoia Writes Off Entire $210MM FTX Investment;

• https://www.zerohedge.com by Tyler Durden

Slowly but surely, the humiliated "investors" who do zero homework and merely look at who else has coinvested before they sign the check, are coming out admitting that it's gone... al gone.

In a tweet late on Wednesday, venture capital giant Sequoia Capital said had written down the entire value of its stake in FTX, a little over $210 million.

"We are in the business of taking risk," Sequoia wrote in a message to investors seen by Bloomberg. "Some investments will surprise to the upside, and some will surprise to the downside."

A smaller venture fund, Multicoin, told investors Wednesday that about 10% of its assets under management were affected.

"Unfortunately, we were not able to withdraw all of the Fund's assets on FTX," Multicoin wrote in a letter reviewed by Bloomberg.
A sudden loss of confidence in FTX among customers exposed deep problems with the cryptocurrency exchange. People

withdrew money and sold off tokens associated with the company, causing a liquidity crunch. A rival, Binance, agreed to buy FTX and then pulled out over concerns with FTX's financial health.


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