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

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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.

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