US SEC sues Shima Capital and its founders, accusing them of implementing a fraudulent plan to deceive investors

GateNews

Source: Foresight News

2025-12-17 01:34:17

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Foresight News reports that, according to cryptocurrency journalist Kate Irwin, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit three weeks ago against crypto venture capital firm Shima Capital and its founder Yida Gao, accusing them of implementing a fraudulent scheme to deceive investors. Internal emails show that Yida Gao has informed founders of portfolio projects that he will resign and initiate fund liquidation, expressing regret over “poor decisions.” Shima Capital was founded in 2021, managing approximately $200 million, and has invested in multiple crypto projects including Berachain, Monad, Pudgy Penguins, Sleepagotchi, and Gunzilla.

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