Sam Bankman-Fried Usa city Sequoia FTX Investment Sam Bankman-Fried Usa city Sequoia

Venture Capital Firm Sequoia Apologizes to Fund Investors for $150 Million Loss on FTX

Reading now: 415

In a rare move, American venture capital firm Sequoia Capital reportedly apologized to its fund investors for the $150 million it had lost on the now-bankrupt crypto exchange FTX.The apology was reported by the Wall Street Journal, citing people familiar with the matter.

Sequoia’s partners reportedly told the fund investors on a call on Tuesday that the firm would improve its due-diligence process when it comes to future investments.A Sequoia partner, the sources said, stated that in the future,“The firm will be in a position to have even early-stage startups’ financial statements audited by one of the Big Four accounting firms.”The Big Four are the largest professional services networks in the world and include Deloitte, Ernst & Young (EY), Peat Marwick Goerdeler (KPMG), and PricewaterhouseCoopers (PwC).Sequoia wrote off its entire investment in FTX earlier this month, after the exchange struggled to fulfill requests for withdrawals.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News