Sequoia Capital is one of Silicon Valley's biggest and most sophisticated investment firms. So how did it get taken by the crypto scammer Sam Bankman-Fried?
Sequoia Capital wants you to know that it was 'deliberately misled and lied to' by convicted cryptocurrency scam artist Sam Bankman-Fried during the discussions that led to its $213.5-million investment in Bankman-Fried's firm, FTX, last year. That's an extraordinary admission, given that Sequoia is one of Silicon Valley's oldest and largest venture investing firms, with an estimated $28.3 billion in assets under management.
'We were incredibly impressed,' one of the call organizers related. 'It was one of those your-hair-is-blown-back type of meetings.' They were even more impressed, bizarrely, upon learning that during the call he was playing 'League of Legends,' a video game. It's possible that Sequoia made further inquiries before investing; the funding round was not closed until Oct. 21.
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