Cryptocurrency venture capital firm Shima Capital is quietly winding down its operations, according to Kate Irwin, a person familiar with the matter. Three weeks ago, the Securities Exchange Commission (SEC) filed a lawsuit against the firm and its founder, Yida Gao, accusing them of "participating in a fraudulent scheme" to defraud investors. According to an email sent to the portfolio company founder, Gao Yida is stepping down and closing the fund, saying: "I deeply regret my bad decision and apologize for disappointing everyone."
Shima Capital, founded in 2021, has $200 million and has invested in Berachain, Monad, Pudgy Penguins and other crypto projects. The SEC accused Kotak of exaggerating the return on investment in promotional materials, claiming that an investment returned 90 times, when it was only 2.8 times. In addition, Fortune magazine reported that Kotak transferred investment funds to offshore entities that it wholly owned and did not disclose to investors.
The day after the SEC filed its lawsuit, Mr. Ko had agreed to pay about $4 million in settlement.
Informed Sources: Cryptocurrency Venture Capital Firm Shima Capital Ends Operations
2025-12-17 01:42:04
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