https://arstechnica.com/tech-policy/2022/11/ftx-on-brink-of-collapse-after-binance-abandons-rescue/

FTX is on the brink of collapse as chief Sam Bankman-Fried races to secure billions of dollars to salvage his empire after Binance ditched an eleventh-hour rescue of one of the world’s biggest crypto exchanges.

Venture capital firm Sequoia Capital said it would mark down its $214 million investment in FTX to zero after a run on the exchange in recent days blew a massive hole in its balance sheet and cast serious doubts over its survival.