Matt Huang, the co-founder of crypto venture capital giant Paradigm, said on Tuesday that the firm is “shocked” by the recent revelations about FTX, Alameda Research, and Sam Bankman-Fried. It “deeply regrets” the decision to invest in the now-bankrupt exchange, he said.
“Facts are still coming to light, and there will be many lessons to learn. We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem,” he said.
Paradigm, whose $2.5 billion New Venture Fund is the largest Web 3.0-focused fund, is reported to have invested around $278 million in FTX. Huang said that the company has written down its investment in the defunct exchange to $0.
He also reassured investors that Paradigm never traded on FTX and had no funds on it. Furthermore, he said Paradigm had no investments in tokens like FTX’s FTT and Solana…
