Sequoia Capital, which manages an asset of approximately $ 85 billion, apologized to its investors for the losses it suffered due to FTX.
The crypto bear market and the effects of the FTX bankruptcy are starting to pull over the market. However, the consequences of the collapse of one of the world’s largest cryptocurrency exchanges were severe. Investment asset management companies, in particular, have reported millions of dollars in losses due to their relationship with FTX. In this period, when the processes moved to a legal dimension, creditors began to appear in court. Experts stated that FTX creditors can wait for many years. Amid all these processes, Sequoia Capital apologized to its investors.
Sequoia Capital Promises Investors to Improve
Investment asset management firm Sequoia Capital reported a loss of approximately $150 million due to FTX. After these losses, the company apologized to its investors and stated that they would follow the process.
The partners of the investment firm apologized to their investors, the Wall Street Journal reported. Partners of the investment firm said that the company will improve its due diligence process regarding future investments. In addition, the managers gave the message that the investments made by the company can be audited.
Also, according to recent court filings, FTX Group owes nearly $3 billion to its 50 largest creditors.
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