Sequoia Capital loses its confidence in FTX resulting in its FTX investments to zero.
The Venture Capital firm has sent a letter to its LP.
FTX on a continuous downfall.
Current Stats
Venture Capital firm Sequoia Capital tweeted recently, disclosing the fact that they have marked investments from $214 million to zero in FTX and FTX US in doubt of fishy odor. They have lost confidence in the crypto exchange.
The revenue of FTX had rocketed to more than 1000% from $89 million to approx $1.02 billion.Also, the company’s financial statements clearly mentions an increase in operating income soaring from $14 million to $272 million representing all together an increase of 1,842.9% in 2021.
As per the reports, Sequoia Capital has been involved in 24 crypto deals till date. Among 5 major deals that they were involved in 2022, the massive funding was laid to crypto finance firm Amber Group of $200 million.
According to the Fireblocks official website, on 27 June 2021, the blockchain
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