This past June, two partners at the venture capital giant Sequoia did a podcast on VC investing in the midst of a bear market. The markets were swooning and crypto oriented assets were not immune. A year earlier, Sequoia had invested $215 million in the cryptocurrency exchange FTX, at a valuation of over $32 billion, and the interviewer wanted to know how FTX and its founder Sam Bankman-Fried were holding up.