Greetings, Leo Schwartz here today. Try as I might, I can’t stop stumbling into strange stories in the world of crypto venture capital. By all accounts, the sector is thriving, especially compared to the rest of VC. Liquid tokens mean that investors are actually seeing returns, firms are raising new capital, and startups are attracting funding. But this is crypto, after all. Something always goes wrong.
David Gan had a winning hand. As a young hotshot at Huobi, one of the largest crypto exchanges, he earned a spot on the Forbes 30 under 30 Asia list in 2019, soon leaving to raise his own venture fund, originally called OP Crypto. This was the halcyon days of 2021, when everyone was throwing checks around, and Gan signed on heavy hitters like Bill Ackman, Garry Tan, and Alan Howard as limited partners to his new $50 million fund.
