Which investors will lose the most money because of FTX's implosion?

Out of all the investors, at least two major shareholders, Sequoia and Paradigm, have decided to mark their investments down to zero

The implosion of FTX has sent ripples across the cryptocurrency industry. It has decided to commence bankruptcy proceedings in the USA, and its chief executive officer (CEO) Sam Bankman-Fried has resigned. The exchange, established in 2019, is also expected to undergo regulatory scrutiny in the US.

Millions of investors are under the threat of losing their investments due to the fall of FTX. Apart from the direct investors, several other exchanges had kept their holdings in the form of FTX's tokens, FTT. Their money is also in danger following the fall of the exchange.

Who stands to lose the most