[U.S. SEC Sues Shima Capital and Founder, Yida Gao Announces Resignation and Fund Liquidation]
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit three weeks ago against crypto venture capital firm Shima Capital and its founder Yida Gao, accusing them of executing a scheme to defraud investors. Internal emails reveal that Yida Gao has informed founders of portfolio projects that he will resign from his position and initiate fund liquidation, expressing "deep regret for poor decisions." Shima Capital, established in 2021, manages approximately $200 million and has invested in several crypto projects, including Berachain, Monad, Pudgy Penguins, Sleepagotchi, and Gunzilla.
