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I just found out that Shima Capital is quietly shutting down. The crypto venture capital firm and its founder Yida Gao were recently sued by the SEC for a fraudulent scheme. The crazy part is that Gao inflated the returns in marketing materials, claiming a 90x return when it was actually only 2.8x. That's brutal.
Additionally, it turns out that Shima Capital transferred investment funds to offshore entities without notifying investors. Gao resigned and sent an email to the founders of the companies in his portfolio saying he was closing the fund. After the SEC filed the lawsuit, Gao negotiated a settlement to pay $4 million.
I don't know, cases like this with Shima Capital make me wonder how much more is undiscovered. How didn't the investors realize earlier?