Deals and collaborations are turning sour for FTX

FTX secured $1 billion in June 2021 from venture capitalists like Paradigm, SoftBank, and Sequoia Capital at a valuation of $18 billion. Three months later, FTX received $421 million from investors including the Ontario Teachers' Pension Plan, Tiger Global Management, and Singapore government-owned investment company Temasek, raising its valuation to $25 billion as of September 2021.

Among them, the two largest shareholders, Paradigm and Sequoia, have declared a $0 investment in FTX which means all the money they invested has been lost. Earlier this year, FTX investments' value plunged to $350 million, summing up the figure as the largest incurred loss for an outside investor. However, the loss of the $150 million fund has been offset by nearly $7.5 billion in unrealized and realised gains by FTX, along with other registered losses in Temasek and Paradigm.