After cryptocurrency exchange FTX turned to rival Binance for help amid a liquidity crisis and Binance backed out of the deal, venture capital firm Sequoia Capital told investors that it was reducing its investment in FTX to zero, Business Insider writes.

Because of the risk, Sequoia wrote a letter to its investors on its Twitter account on Wednesday, informing them of its decision to fully write down its investment of about $214 million in FTX’s U.S. and global assets.

“The full nature and extent of this risk is currently unknown. Based on our current understanding, we are reducing our investment to $0 dollars.”

Sam Bankman Fried’s cryptocurrency exchange collapse saw Binance abandon plans to acquire FTX due to issues “beyond its control” following a string of events that began over the weekend after Sam Bankman Fried and Binance CEO Changpeng Zhao exchanged barbs on Twitter after Zhao wrote that Binance would liquidate all of its FTT tokens due to “recent revelations,” referring to FTX’s liquidity crisis. Bankman Freed then tweeted back, “A competitor is trying to harass us with false rumors.”

Such a spat between the two crypto exchanges could not stay out of the attention of customers and affected the sentiment in the market, causing a sell-off and rushed withdrawals. About $6 billion was withdrawn from FTX in 72 hours through Tuesday.

Despite the seeming reconciliation between Bankman Fried and Zhao and even the announcements of FTX’s deal with Binance, which intended to fully acquire FTX.com and help cover the liquidity crisis, Binance again backed out of such an acquisition on Wednesday, which caused the cryptocurrency market to crash. This came after Bankman Fried told investors that FTX was facing a funding shortfall of up to $8 billion and needed emergency funding to avoid bankruptcy.