According to cryptocurrency journalist Kate Irwin, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit three weeks ago against cryptocurrency venture capital firm Shima Capital and its founder, Yida Gao, accusing them of orchestrating a scheme to defraud investors. Internal emails revealed that Gao informed the founders of his portfolio companies that he planned to step down and begin liquidating the funds. Founded in 2021, Shima Capital manages approximately $200 million in assets and has investments in companies including Berachain, Monad, and Pudgy Penguins.