Project capital massive Sequoia Capital has written off its complete investment within the now-insolvent crypto substitute FTX.

In a cloak to shoppers on Wednesday, Sequoia acknowledged that it was marking down its FTX investment to $0. The agency acknowledged it had dinky publicity to the crypto substitute, despite investing a total of $214 million in it thru two of its funds.

Sequoia disclosed a $150 million investment in FTX.cm and its U.S.-essentially based mostly subsidiary FTX US from its Worldwide Boost Fund III. The agency additionally invested $63.5 million in both FTX entities thru its SCGE Fund L.P.

FTX-linked entities made up decrease than 3% of the Boost Fund’s dedicated capital, and the loss has been offset by $7.5 billion within the funds other “realized and unrealized gains,” acknowledged Sequoia. The agency additionally acknowledged that the quantity invested in FTX by the SCGE Fund represented decrease than 1% of the total fund designate.

“We are within the alternate of taking probability. Some investments will surprise to the upside, and some will surprise to the downside. We diagram no longer take this responsibility lightly and diagram intensive research thru due diligence on every investment we make,” acknowledged Sequoia.

Some shoppers considered Sequoia’s disclosure as a manner to dangle an eye on the contaminated PR linked to being invested in FTX.

It’s likely that other immense venture capital giants will picture linked losses within the times to come lend a hand. The once-prominent crypto substitute attracted funding from several high profile names within the house, in conjunction with BlackRock, Tiger Worldwide and SoftBank.

FTX’s $400 million Series C funding round in January saw the firm valued at $32 billion, as per research from The Block.