Another cryptocurrency venture capital has collapsed. On December 17th, it was revealed that Shima Capital was quietly ending its operations. This star VC, who had made frequent moves in the previous cycle, ultimately failed to clear out this round. Unlike many funds that have fallen into the market winter, Shima's exit is not simply a cyclical issue, but more like a concentrated outbreak of governance and trust crisis. Three weeks ago, the US SEC accused it of fabricating historical performance, concealing conflicts of interest, and seeking personal gain through structural design during the fundraising process. Under regulatory pressure, the founder chose to settle, pay fines, and close the fund, and the project entered the liquidation process. This event itself became a microcosm of the demystification of encrypted VC. In the previous bull market, the model of "elite resume+quick betting+coin issuance exit" was infinitely amplified, but when liquidity receded, retail investors no longer took over high valuations, and the exit path of venture capital began to systematically fail. Even if the project is successfully launched on top exchanges, the price is difficult to support the book return. The data is confirming this change. At present, only about 2% of the supply of altcoins is in a profitable state, and VC investment returns are clearly decoupled from the trend of Bitcoin. The era of making money with closed eyes has ended, and venture capital is forced to enter a slower and more calm stage. At present, funds are no longer chasing narratives, but are shrinking towards a few directions with higher certainty: Infrastructure, payments, stablecoins, and compliance tools have become the main focus again, with a slower investment pace and a decrease in transaction volume, but single investments are more concentrated. Some encrypted VCs have even begun to diversify their risks to outside fields such as AI and biotechnology. This is not the final chapter of encrypted VC, but a necessary reshaping. When the path to building towers on sand is blocked, the industry has the opportunity to return to the long-term logic of "building roads first, rebuilding buildings".