US-based Sequoia Capital, one of the world's largest venture capital firms, has reassured investors that its risks in the struggling global crypto asset platform FTX are limited and that it will withdraw its entire investment in FTX.
In a letter to its investors, Sequoia Capital announced that it will reduce its investment of over USD 210 million in cryptocurrency exchange FTX to zero as the possibility of bankruptcy looms.
Here is the note we sent to our LPs in GGFIII regarding FTX. pic.twitter.com/Cgp1Yxk1pz
— Sequoia Capital (@sequoia) November 10, 2022
FTX, owned by 30-year-old entrepreneur Sam Bankman-Fried, was valued at USD 32 billion earlier this year.
