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FTX

FTX.COM is a cryptocurrency exchange. It offers derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk.

Update: November 9, 2022 A liquidity crunch has created solvency risk for FTX and its future is uncertain. Many have been affected by this unexpected turn of events. For Sequoia, our fiduciary responsibility is to our LPs. To that end, we shared this letter with them today regarding our investment in FTX. For FTX, we believe its fiduciary responsibility is first to its customers, and second to its shareholders. As such, FTX is exploring all opportunities to ensure its customers are able to recover their funds as quickly as possible.

Editor’s Note On September 22, 2022, we published a profile story on FTX founder Sam Bankman-Fried. The week of November 7th, we learned of the company’s liquidity crunch. On November 9th we sent a letter to our LPs with our updated outlook on FTX, and we removed our profile story on SBF the next morning. On November 11th, Bankman-Fried stepped down as CEO and FTX filed Chapter 11 bankruptcy.