Did Sequoia Capital take a bath on FTX?

Sequoia Capital took a $213 million bath on FTX after the crypto exchange imploded. That's not that bad, VCs say. Sequoia Capital partner Alfred Lin worked closely with FTX after the firm's investment, but did not take a board seat. FTX investor Sequoia Capital has marked down its position to $0 as the crypto exchange crumbles.

Is Sequoia's FTX deal a black eye?

Now the deal represents a major black eye. Paradigm, a crypto-focused venture fund that put $278 million into FTX, told its own backers in a letter on Wednesday that the investment was likely worthless. Sequoia said in a statement that it valued its $213 million investment in FTX at $0.

What happened to FTX?

Photo illustration by Jakub Porzycki/NurPhoto via Getty Images. Venture capital firm Sequoia Capital on Wednesday sent a letter to investors about its investment in FTX, the global crypto exchange that suddenly collapsed after being valued at over $30 billion.

Does Sequoia have access to FTX balance sheet data?

Of note: Axios has learned that Sequoia and other members of an FTX advisory board held a call today with FTX CEO Sam Bankman-Fried, but that they still don't have access to detailed balance sheet data. Most FTX investors with whom Axios has spoken expect to write the value of their shares down to zero.