He taught at MIT, worked at Morgan Stanley, and convinced Bill Ackman and Galaxy to back his $200 million crypto fund by his early 30s. His future is now in jeopardy
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Yida Gao, a former MIT graduate and founder of Shima Capital, raised $200 million from investors like Bill Ackman and Galaxy for his crypto fund. However, an investigation revealed that Gao created a secret offshore entity and funneled assets from his venture fund into his own name, violating SEC investor protection rules. Shima Capital has experienced an exodus of top employees and struggles to raise further capital. Gao's firm valued investments based on his own estimations and faced difficulties finding an auditor. The ownership structure of Shima Capital, with an offshore entity owned solely by Gao, raises conflict of interest concerns. Gao's missteps serve as a cautionary tale for investors in the crypto industry.
#YidaGao #ShimaCapital #CryptoFund #BillAckman #Galaxy #Sec #OffshoreEntity #InvestorProtectionRules #ValuationDisparities #ConflictOfInterest #CautionaryTale
https://fortune.com/crypto/2024/06/06/shima-capital-vc-ackman-galaxy-yida-gao/
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