LI XI, partner of LD Capital, also said in July, "The portfolios that LD Capital has launched this year are all profitable on paper, but they are all Paper Value, with 0 unlocking. Don't say VCs make money anymore. The money is all earned by project parties and exchanges. Except for the VCs who are organizing the game, most VCs are big leeks who take over. The primary market in this cycle is already hellish."

Not only will the lock-up conditions be modified, some project parties will also modify the cost price of VC investment tokens, forcibly increasing the cost; some project parties will repurchase the previous quota midway. If they exit according to the latest round of valuation, it is conscientious, and some will require a discounted repurchase...