Recently, IPOs are no longer about helping retail investors make money, but about project teams dumping their tokens... Aztec, a privacy project that raised $119.1 million from VC funding, previously conducted an IPO at an estimated valuation of around $490 million, with a token price of 0.0473. Now, the pre-market price on Binance is 0.01881, corresponding to a Fully Diluted Valuation (FDV) of only $190 million, meaning that users participating in the IPO have unrealized paper losses of about 60%.