House of cards

Crossville TN

Description

The private investors in FTX include BlackRock Inc. Sequoia, Ontario Teachers’ Pension Plan, Softbank Group Corp. Tiger Global Management, Ribbit Capital, Temasek and Lightspeed Venture Partners. A spokesperson from BlackRock did not comment. Those investors were part of a group of 69 that took part in a $421 million funding round in FTX in October 2021 at a company valuation of $24 billion. By September 2022, FTX’s valuation reportedly climbed to $32 billion as the company started raising an additional $1 billion in funding, as reported by CNBC and others. Now the investment by these and other firms could be worth much less if FTX has trouble generating cash and handling withdrawals by account holders. One placement agent in the private fundraising sector told MarketWatch the situation at FTX will likely chill venture capital and private equity interest in blockchain and cryptocurrency businesses, particularly in funds specializing in digital currencies. The situation at FTX has also sparked steep losses in the cryptocurrency markets themselves on the heels of the Binance/FTX deal announcement. Ponzi scheme.