Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

Just a few days after Kyle Samani, co-founder of Multicoin Capital, announced his exit from the industry, the goodwill he had accumulated over the years in the crypto space has quickly worn thin.

"Burning Bridges" is Truly Disgusting

Objectively speaking, Kyle Samani has made positive contributions to the cryptocurrency industry over the years, whether through his financial support for early projects (setting aside motives, just considering the impact) or through narrative guidance and ideological advocacy, which have directly or indirectly influenced the direction of the industry.

From a results-oriented perspective, Kyle Samani has indeed achieved "big results" in the crypto industry that most people cannot imagine. For this reason, it is quite reasonable for Hasseb Qureshi to call him "the best investor in the industry" and for Mable to refer to him as a "top player."

• Odaily Note: Hasseb Qureshi is a partner at Dragonfly Capital, who stated, "Investing is like a sport, and Kyle Samani is the highest scorer in history, unmatched by anyone." For more details, see "The Man Who Calls Out SOL the Best Exits the Crypto World"; Mable is a former partner at Multicoin Capital and co-founder of Trends. After Kyle Samani's exit, he wrote a viral article titled "The Game Continues, It's Just That Kyle's Version Has Passed."

However, it is precisely because of this that Kyle Samani's frequent display of his "ugly side" in the days following his exit has become even more off-putting.

First, on the day of his exit, Kyle Samani responded to Stix founder Taran, stating, "Cryptocurrency is not as interesting as many people (including myself) once imagined. I once believed in the vision of Web3 and DApps, but I no longer believe. Blockchain is essentially an asset ledger; it will reshape finance, but that's about it, and it won't have much more impact."

This post was quickly deleted by Kyle Samani… Well, it is clear that this was a genuine thought he had never expressed before, but the deletion at least indicates that he knows "burning bridges" is not a dignified act.

Unfortunately, he did not stop there. On February 8, Kyle Samani again fired shots at the industry that once made him successful: "Hyperliquid embodies the drawbacks of cryptocurrency in almost every aspect. The founders fled their homeland to create it, openly facilitating crime and terrorism, the system is closed-source, and still requires permission."

Although being outspoken has always been a controversial label for Kyle Samani, this time his illogical and clearly factually incorrect "mindless rant" is evidently untenable. Moreover, as he now considers himself an outsider, his comments seem even more abrupt. In the past, Kyle Samani's outrageous statements at least had some group support (for example, siding with Solana and long criticizing Ethereum), but this time, he stands outside the industry, completely denying the entire crypto space.

The direction of the situation's escalation is predictable; Kyle Samani has successfully incited the industry's collective anger.

It is understandable for those who lost money in the crypto space to criticize it, as people always need an emotional outlet; but Kyle Samani, who clearly made a huge fortune in the crypto space and completed a class leap, cannot help but step on it right after announcing his exit, which is hard not to feel hypocritical and disgusting.

To put it bluntly, this is a typical case of "biting the hand that fed you" — Kyle Samani wants to take away the benefits the industry has given him while eagerly cutting ties with it. Where can one find such a great deal?

Strange Discomfort, Is There More to the Exit?

Another point of discomfort is that Kyle Samani chose Hyperliquid as his target for attack; meanwhile, Multicoin Capital is continuously increasing its bets on Hyperliquid.

Just in the same week that Kyle Samani announced his exit, on-chain analyst MLM detected multiple large purchases of HYPE from what appears to be a Multicoin Capital address (https://hypurrscan.io/address/0xd4d56a30a4a745f8ba732e8b453b7066260fbc10#txs).

Crypto Banter founder Ran Neuner discovered that in the future five-year investment roadmap announced by another co-founder of Multicoin Capital, Tushar Jain, Hyperliquid is prominently listed as a representative project under the third main line of "financial globalization," while Kyle Samani's long-favored DePIN was completely omitted.

Ran Neuner proposed a hypothesis, that Kyle Samani did not leave voluntarily but had a conflict with Tushar Jain and was ultimately forced to leave. Due to non-compete clauses, Kyle Samani had no choice but to exit the crypto industry…

Although this speculation has no factual basis, it seems to better explain the aforementioned discomfort and Kyle Samani's sudden change in attitude — would you prefer to believe that a top brain who has long worked in the crypto industry suddenly realized the industry's emptiness? Or would you rather believe that Kyle Samani chose to turn his back due to resentment and the inability to profit from the industry anymore?

Whether out of faith in the industry's future or residual recognition of Kyle Samani's past achievements, I personally lean towards the second possibility. As for the truth of the matter, it may only be revealed one day in the future when no one cares about it anymore.

Does the Crypto Industry Have No Future?

In recent years, we have seen too many talents flow from the crypto world to the AI world, but the choice of a figure like Kyle Samani to exit still dealt a heavy blow to confidence in the entire crypto industry.

So does the industry really have no future? This is clearly not a question that can be answered with personal opinions. After Kyle Samani's departure, several true opinion leaders of comparable stature have explained why they remain optimistic about the industry's future.

Tushar Jain remains steadfast, as the eight major investment lines announced by Multicoin Capital still focus on the crypto world.

Haseeb Qureshi believes that Kyle Samani's departure is the most genuine sign of the industry's maturation; pioneers and settlers are often not the same group of people, which is a law of human nature — "I still have great faith in cryptocurrency. I know it sounds strange to say this in a turbulent market, as people have little patience for dreams that may only be realized in ten years. The era of dreamers is over, but the era of doers is coming, and that is neither good nor bad."

Chris Dixon, a partner at a16z Crypto and a pioneer of the Web3 concept, drew an analogy with the development of the internet, refuting Kyle Samani's view that cryptocurrency can only reshape finance — "Infrastructure and distribution networks often emerge before new categories of applications. The internet did not begin with social media, streaming, or online communities, but with packet switching, TCP/IP, and basic connectivity. Only after hundreds of millions of people went online did entirely new cultural and economic categories emerge. Cryptocurrency is likely to follow a similar path. A reasonable speculation is that we need to onboard hundreds of millions of people through financial applications like payments, stablecoins, savings, and DeFi before we can see meaningful adoption in media, gaming, AI, or other potentially more distant fields."

The future is created by people, and as long as more people share the same consensus, the flame of the crypto narrative can be reignited.

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