2026-01-04 18:25:28

How an L2 Network's Promise Turned Into Crisis

What started as the ambitious vision of "delivering the best of both worlds" unraveled in 2024.

The project had secured $65M in funding from heavyweight VCs—Polychain and Delphi were among them. A stellar lineup of backers suggested serious ambitions.

But early 2024 brought allegations. Sexual misconduct claims surfaced against leadership, shifting the narrative from technological breakthrough to organizational breakdown.

It's a stark reminder that in crypto, technical innovation alone doesn't guarantee project survival. Governance, culture, and leadership credibility matter just as much.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
5
Repost
Share

Comment

0/400

nft_widow

· 01-04 18:55

That's why I never rely solely on technical indicators; character is the foundation.

View OriginalReply0

ForkThisDAO

· 01-04 18:53

Damn... it's the same old trick. No matter how advanced the technology is, it’s useless without integrity.

View OriginalReply0

ConsensusBot

· 01-04 18:50

It's the same old trick, raising so much money and ultimately relying on character? Laughable, this is Web3.

View OriginalReply0

ConsensusDissenter

· 01-04 18:35

Another typical "crash after funding" scenario... $65M in funding backed by Polychain, but it still failed due to trustworthiness? That's quite ironic.

View OriginalReply0

FlashLoanLarry