Daily Crunch: Sequoia Capital writes off its $210M investment in crypto exchange FTX

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Tech reporting is a lot of things, but it isn't boring, as the chaos around the internet continues We are trying to make sense of it all and keep going. We think we did a decent job, and here, we have a selection of what happened in the past 24 hours.

The TechCrunch Top 3

• Another domino falls: It was probably already a fiasco, but Binance deciding to not buy FTX led Sequoia Capital to claim its minority stake in FTX as nothing more than some unrealized gains, Connie reports. Investor letter and everything.
• Meanwhile, over at our other favorite hot mess: Elon Musk was right when he tweeted that the company would be doing “lots of dumb things.” Darrell reports on one of its latest take-backs (because they seem to accumulate before we even have time to take a breath), where all of these accounts were promised that little blue checkmark in exchange for $8, but as you all know, when you make fake accounts, that means we can’t have nice things.
• More Twitter changes: Another group of top dogs at Twitter decided to leave the nest. This time it is chief information security officer Lea Kissner, followed by chief compliance officer Marianne Fogarty and chief privacy officer Damien Kieran. The latter two have reportedly resigned today, according to Zack and Ingrid, who teamed up to chase down the details.

Startups and VC

The only local fund in two of the state's 10 unicorns companies is changing its focus from Colorado to other states. SpringTime has enough cash on hand to pay its partners a real salary after raising three times as much money as Fund II.

Alliance DAO held a demo day on Wednesday as the FTX implosion took place. All9 presented their ideas on Wednesday during a demo day exclusively covered by Jacquelyn.

Here are a few other things that caught our attention.

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There are three more people from the team.

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Big Tech Inc.

Musk wants employees of the micro-messaging service to be in the office to battle the internet. Ivan wrote about the messages the new owner had for his staff. He told them to be prepared for difficult times ahead, which is something you want to hear from your leader.

Sam Bankman-Fried, the founder of FTX, is winding down his trading and raising money after the deal fell through.

We are going to promise no more FTX or social media.