‘Old money has all but fled,’ Huobi co-founder discusses challenges of running $400M VC fund
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In a new Twitter post dated Dec. 12, Du Jun, co-founder of cryptocurrency exchange Huobi Global, shared new insight on his experience of running ABCDE Capital, a $400 million Web 3.0 venture capital (VC) fund, in June this year. According to Jun, the idea for ABCDE Capital came in March, and by April, it was already registered in Singapore. However, amidst the $40 billion Terra Luna implosion in May, Jun said that «old money has all but fled» after the incident.
Undeterred, Jun continued that in August, the VC fund was fully operational, with «a few partners pooling tens of millions of dollars to invest.» While an initial report early November revealed «very good» results, Jun said that the subsequent collapse of FTX was «far beyond expectations» for the industry:
