Internal memo leaked

We kept this hidden for too long. Today we publish what the biggest names in Web3 don't want public.

For months we documented backdoor coordination, round-tripping allocations, and private side letters across major funds and blue-chip crypto companies. Some names in this story are close to us. All details and evidence are below.

Entities identified in this report

a16z cryptoParadigmPolychainPanteraSequoia Capital