Sequoia Capital says it did proper due diligence on FTX

What they're saying: Sequoia's message was threefold.

1. Its $150 million of exposure to both FTX and FTX.US in its third global growth fund represents less than 3% of that fund's total capital commitment. Sequoia also has another $63.5 million investment via a crossover fund called SCGE. In both cases, it's marked the value down to zero.
2. Sequoia conducted adequate due diligence at the time of investment, in a profitable company that had around $1 billion or revenue and $270 million of operating income.
3. The firm continues to seek more information on what went wrong.

Of note: Axios has learned that Sequoia and other members of an FTX advisory board held a call today with FTX CEO Sam Bankman-Fried, but that they still don't have access to detailed balance sheet data.

• Most FTX investors with whom Axios has spoken expect to write the value of their shares down to zero.

Earlier: Rival crypto exchange Binance walked away from a tentative agreement to buy FTX, saying that the company's "issues are beyond our control or ability to help."