Ether.Fi CEO: A Review of the 10 Most Absurd Behaviors of Crypto VCs When Discussing Collaboration

Original Title: "Cardinal sins of crypto VCs:"

Author: Mike Silagadze

Compiled by: Deep Tide TechFlow

Fatal mistakes of crypto VCs:

1. Repeated first meetings

You meet with a partner or assistant, and the meeting goes smoothly. They arrange a call with another partner. As a result, during the next call, this partner has no impression of you, hasn't been briefed, and hasn't looked at notes, leading to yet another first meeting. If this happens three times or more, it’s even worse.

2. VC version of a Rug Pull

A partner reaches out to you, having heard that you are fundraising, and requests a meeting. However, during the meeting, the partner does not show up and sends an assistant instead. If this happens multiple times during fundraising, it’s even worse.

3. Anonymous investors

You are introduced to a VC who seems very excited. A meeting is arranged. During the video call, the VC is anonymous, using a silly Wassie avatar. I've heard that these anonymous investors are the least crazy and most helpful on the shareholder list.

4. Mysterious disappearance

You meet with the VC multiple times, and they ask a ton of follow-up questions. They request more data, financial information, and a development roadmap. Then suddenly, they go silent, which is really creepy.

5. False pretense

You spend two weeks meeting with a fund, answering questions and undergoing due diligence. Then there’s a period of silence, and you think you’ve been ghosted. Suddenly, you receive a message: "How’s this round going? Let’s have another call." After the call, there’s silence again. This repeats. It’s not disappearing; it’s just free probing.

6. Self-aggrandizement

You have a thirty-minute call with a partner, and they spend 25 minutes bragging about themselves.

7. Knowledge theft

The fund holds a meeting, delving into your strategy, tech stack, and analysis, then disappears. A week later, they announce an investment in your competitor. You’ve been used!

8. Mental disarray

Thirty seconds into the meeting, you can almost be sure this VC is on drugs. Over time, they become increasingly aggressive, countering everything you say. They even end with, "Let me know how I can help you."

9. Side quests

The partner knows nothing about the project you are building. The entire meeting is spent trying to convince you to pursue a completely different business. If they actually convince you, it gets even more interesting.

10. Self-proclaimed sage

You have a call with a 22-year-old assistant. His experience is limited to a 3-month internship at Goldman Sachs and gambling away his bonus on meme coins. He talks a lot during the meeting, giving you all sorts of advice.

Alright, that’s it for now.

During our seed and Series A fundraising processes, we’ve encountered these situations and more!