FTX provided a list of companies doing business with FTX at the end of August, including more than 53 auditors, payment companies, and insurance companies. When asked about the FTX thunderstorm, the majority Most agencies either declined to be exposed or declined to comment.
These companies include the world’s largest investment trust BlackRock, US law firm Sullivan & Cromwell LLP, Skadden, payment processor Stripe, payment platform Plaid, Amazon AWS, one of the Big Four accounting firms One Deloitte, Japan’s SoftBank, and crypto-friendly bank Silvergate Bank, among others.
All of the companies on the list were clearly eager to do business with FTX, and there is no doubt that most of them had little or no responsibility for FTX’s sudden collapse, and questions remain as to whether some of them were in trouble.
FTX has more than 1 million customer accounts, but the number of active customers only accounts for about 1% of Coinbase. The reason is that FTX mainly focuses on institutional business, with an average institutional customer fund size of more than $640,000, while the average retail customer fund size is about 3,000 to 5,000 dollars.
Three major institutions including Sequoia and Temasek suffered the most losses
“Forbes” also reported that a list of shareholders showed that Sequoia Capital, Temasek, and Paradigm will be the three investment institutions that have lost the most under the FTX crash crisis, such as these investors in January this year. Cashing out when FTX peaked at $32 billion would give them tens of millions, if not hundreds of millions of dollars, but today, they may well end up with nothing. The relevant analysis does not include FTX US, FTX’s US business.
Sequoia Capital’s current FTX stake is 1.1%, and the estimated investment amount is about 200 million US dollars. In January this year, the investment value reached a maximum of 350 million US dollars, which is the biggest loss that Sequoia Capital may bear. After the FTX thunderstorm, Sequoia Capital stated in a letter to investors that the FTX holdings held by its private equity fund Global Growth Fund III were dissatisfied with 3% of the total committed capital of the fund, and the loss of 150 million US dollars had been canceled. This group of funds was offset by $7.5 billion in realized and unrealized gains.
Temasek’s FTX shareholding ratio is 1%, with an estimated investment of US$205 million. In January this year, the investment value reached a maximum of US$320 million. Temasek, which has invested in all three major funding rounds in FTX, said on Wednesday that Temasek’s original $320 million stake, which was originally worth $320 million, was about to be worthless;
Paradigm’s FTX shareholding ratio is 1%, and the estimated investment amount is 215 million US dollars. In January this year, the investment value reached a maximum of 315 million US dollars. Paradigm held nearly 7 million FTX shares at the end of August.
SBF has invested more than $500 million in reverse Paradigm, Sequoia Capital, etc.
According to The Information, citing people familiar with the matter, Alameda Research and FTX Ventures, a venture capital institution backed by SBF’s personal funds, have committed more than $500 million to Sequoia Capital, Altimeter Capital Management, and venture capital funds such as Multicoin Capital and Paradigm, respectively. invest.
Alameda Research invested at least $20 million in Paradigm last year. In addition, Alameda and FTX Ventures have committed more than $200 million to Sequoia Capital-related funds, and to K5, an investment firm that supports the cryptocurrency payment platform MoonPay and cryptocurrency exchange Gemini. billion dollar investment.