Many people are curious why there's been a wave of projects backed by A16Z recently shutting down operations, with many of them not even launching their tokens. If you look at my tweets from a few months ago, it all makes sense. A16Z, as the main culprit behind the fake fundraising and inflated valuations during the last cycle, left behind a mess of bad debts. The smaller VCs that followed A16Z's lead are now completely wiped out. Valuations in the primary market can't hold up anymore, let alone launching tokens to the secondary market to fool retail investors. Shutting down is the only option.