Sequoia Capital writes off its $210 million investment in cryptocurrency exchange FTX • TechCrunch

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Tech reports cover many topics, but they aren’t boring. The chaos surrounding Twitter, crypto and layoffs continue to make it difficult to keep up with the tech news. We are just trying to keep our heads above water to make sense of it all. We think we did a decent job. Here is a selection from the past 24 hours. – ChristineThen there’s the pilgrim.

Top Tech Crunch 3

• Another domino fallsIt may have been a fiasco already, but Binance decides not to buy FTXSequoia Capital reclaimed its minority stake in FTX for nothing more than an unrealized profit. cosmic reports. Investor speech and everything.
• Meanwhile, finish up in our other favorite hot mess: Elon Musk was correct to tweet that the company would do “a lot” of stupid things. DarylThere are reports of a recent refund. It seems like it is accumulating before we have a chance to breathe. All accounts are promised an $8 check. But as you all know, creating fake accounts means that we can’t get On nice stuff.
• More changes to Twitter: Another group of Twitter’s best dogs decided it was time to leave the nest. This time it was Chief Information Security Officer Leah Kesner who was followed by Chief Compliance Officer Marian Fogarty & Chief Privacy Officer Damian Keran. According to reports, the two latter-named officers resigned today zachThen there’s the IngridWho collaborated to chase down the details.

Startups and VC

Denver-based VC company SpringTime Ventures shifts away from its original focusDespite being the sole local fund in two of Colorado’s ten state-based unicorn companies, Pica reports. SpringTime has also been able to increase its team by raising three times more money for the second fund. This allows SpringTime to have enough cash to eventually pay its partners a “real salary.”

During Wednesday’s Alliance DAO demo day, new crypto startups emerged amid the FTX crash. The Alliance DAO demo day saw the creation of All9, a group that is a 3 web accelerator community and builder community. Submit their ideas on Wednesday during a trial dayCovered exclusively by Jacqueline.

Here are some other items that caught our eye today:

To sell your multimillion-dollar startup tax-free, use IRS Section 1202.

Image credit: Brianna Jackson (Opens in a new window)Getty Images

Vincent Aiello, a tax attorney, advises that foundering teams choose a corporate structure such an LLC or S-Corp. However, those looking to cash in for more than $10 million should consider starting a qualified small company (QSB) instead.

Section 1202 of IRS Act provides that founders who hold QSB shares for more than five years will be exempted from capital gains tax upon the sale.

“It makes a huge tax savings advantage for entrepreneurs and small business investors,” says Aiello. However, exclusion’s effect ultimately depends on the date inventory was acquired, trade or business being conducted, and other factors.

Three more from TC+:

Tech Crunch +It is our membership programme that helps founders or startup teams move forward with this package. You can register here. Use code “DC” for 15% off your annual subscription

Big Tech Inc.

Elon Musk wants Twitter workers to work in his office, and he wants them all to fight spam. Those were just some of the reasons. Messages for the new owner for social media employees, Evan Writes. Write.

Binance Deal Failed. Founder of FTX Sam Bankman-Fried has some new points: Alameda Research terminates trading and his fundraising efforts are ceased Manly… masculine reports.

We promise that there will be no more FTX below or Twitter below.