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    Michael Hiltzik: Silicon Valley VCs wanted to believe SBF's lies. Now they want you to believe their excuses

    by Michael Hiltzik, Los Angeles Times Nov 08, 2023 5 minutes
    In an illustration, the FTX logo is seen on a computer on Nov. 10, 2022, in Atlanta.

    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. Yet that's what Sequoia partner Alfred Lin, who was involved in advancing the FTX investment, asserted following Bankman-Fried's conviction on seven fraud counts Thursday.

    "Today's swift and unanimous verdict confirms what we already knew," Lin tweeted that day: "that SBF misled and deceived so many, from customers and employees to business partners and investors, including myself and Sequoia."

    It may be tempting to think that the Bankman-Fried verdict put the FTX saga to rest. But that would be a mistake. For one thing, Bankman-Fried won't be sentenced until March, and

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