Original Title: "Kyle Samani's Exit from the Scene, Are There Hidden Reasons?"
Original Author: Azuma, Odaily Planet Daily
Only a few days after Multicoin Capital co-founder Kyle Samani announced his exit from the industry, the goodwill he had accumulated over the years in the crypto sector has been quickly eroded.
"Cutting off the bridge after crossing the river" is really disgusting.
Objectively speaking, Kyle Samani has made positive contributions to the cryptocurrency industry in recent years. Whether it's the continued financial support for early-stage projects (without discussing the motivation, just the impact), or the narrative guidance and ideological promotion at the awareness level, they have directly or indirectly influenced the industry's direction of development.
From a results-only perspective, Kyle Samani has indeed achieved unimaginable "big results" in the crypto industry, and just on that basis, whether Hasseb Qureshi calls him the "best investor in the industry" or Mable calls him a "top player" is entirely reasonable.
· Note: Hasseb Qureshi is a partner at Dragonfly Capital, who once said "Investing is like a sport, and Kyle Samani is the highest scorer in history, unmatched by anyone"; Mable is a former partner at Multicoin Capital and co-founder of Trends, and after Kyle Samani left the scene, she wrote a viral article titledThe game is still going on, just Kyle's version has passed.》。
But precisely for this reason, Kyle Samani's frequent displays of "vile behavior" in the days after leaving the scene are even more repulsive.
First, on the day he left the industry, Kyle Samani, in replying to Taran, the founder of Stix, said: "Cryptocurrencies are just not as interesting as many people (including myself) once imagined. I used to believe in the vision of Web3, believed in DApps, but now I no longer do. Blockchains are essentially asset ledgers; they will reshape finance, but that's it, and there won't be much more impact."
The post was deleted by Kyle Samani immediately after being posted... Well, obviously these are genuine thoughts that Kyle Samani had never revealed before, but the fact that he deleted the post at least means he also knows that "burning one's bridges" is not a decent thing to do.
But unfortunately, he didn't stop there. On February 8, Kyle Samani once again attacked the industry that had made him: "Hyperliquid embodies almost all the drawbacks of cryptocurrency. The founder fled his own country to start it, openly facilitates crime and terrorism, the system is closed-source, and it still requires permission."
Although being outspoken has always been a controversial label for Kyle Samani, this time his illogical and evidently factually incorrect "mindless rant" clearly does not hold up. Moreover, since he has already positioned himself as an outsider, this statement appears even more out of place. In the past, Kyle Samani's outlandish remarks at least received some group support in terms of stance (such as taking sides with Solana, and long-term criticism of Ethereum), but this time, he is standing outside the industry, completely negating the entire crypto industry.
The direction of the incident's development is without doubt, Kyle Samani successfully provoked the anger of the industry.
People who lost money in the cryptocurrency market scold the crypto world, which is understandable, after all, people always need an emotional outlet;But Kyle Samani, who clearly became rich and achieved social mobility as a beneficiary in the crypto world, immediately turned around to criticize it after just announcing his exit, making it hard for people not to feel that he is hypocritical and disgusting.
Put it bluntly, this is a typical case of "after getting fed, you curse your mother." Kyle Samani wants to take the profits the industry has given, yet he is eager to cut ties with the industry. Where in the world is such a big free lunch?
Strange and Dissonant Feeling, Leaving the Industry with Hidden Reasons?
Another very awkward point is that,This time Kyle Samani chose Hyperliquid as the target of his attack; but on the other side, Multicoin Capital continues to increase its bet on Hyperliquid.
In the same week that Kyle Samani announced his exit from the industry, on-chain analyst MLM detected multiple large purchases of HYPE from a suspected Multicoin Capital address.
Ran Neuner, founder of Crypto Banter, found that Hyperliquid was listed as a representative project under the third main theme "Financial Globalization" in the investment themes for the next five years announced by Tushar Jain, another co-founder of Multicoin Capital, over the weekend, while DePIN, which Kyle Samani has long been extremely bullish about, was not mentioned at all.
Ran Neuner gave a hypothesis on this,That Kyle Samani did not resign voluntarily, but had a conflict with Tushar Jain, and eventually had to leave, and due to the restrictions of the non-compete clause, Kyle Samani had to exit the crypto industry....
Although this speculation has no factual evidence, it seems more plausible in explaining the previous inconsistencies and Kyle Samani's sudden change in attitude—would you rather believe that a top brain who has long cultivated the crypto industry suddenly realized the industry's emptiness? Or would you rather believe that Kyle Samani simply turned against the industry due to resentment and the inability to profit from it anymore?
Whether it is out of faith in the future of the industry or out of residual recognition of Kyle Samani's past achievements, I would emotionally lean more towards the second possibility. As for the truth of the matter, it might only suddenly come to light on some day in the future when no one cares about it anymore.
No future in the crypto industry?
In the past few years, we have witnessed too much talent flow from the crypto world to the AI world, but when figures like Kyle Samani choose to exit, it still deals a heavy blow to the confidence of the entire crypto industry.
So is there really no future for the industry? This is clearly not a question that can be answered with personal opinions.After Kyle Samani chose to leave, multiple high-profile true opinion leaders of comparable standing explained with their own logic why they continue to be optimistic about the future of the industry.
Tushar Jain's belief remains unchanged,The eight major investment themes announced by Multicoin Capital still focus on the crypto world..
Haseeb Qureshi, on the other hand, believes that,Kyle Samani's departure is the most genuine sign of the industry's move toward maturity; pioneers and settlers are often not the same group of people., this is due to the laws of human nature—"I still have great confidence in cryptocurrencies. I know it sounds strange to say this in a volatile market, as people have little patience left for dreams that may take a decade to realize. The era of dreamers has ended, but the era of doers is coming, which in itself is neither good nor bad."
a16z Crypto partner and Web3 concept pioneer Chris Dixon used the development patterns of the internet to make an analogy, refuting Kyle Samani's view that cryptocurrency can only reshape finance — "Infrastructure and distribution networks often emerge before new application categories.The internet did not begin with social media, streaming, or online communities, but with packet switching, TCP/IP, and basic connectivity. Only after billions of people came online did entirely new cultural and economic categories emerge. Cryptocurrency is likely to be the same. A reasonable assumption is that we need to bring billions of people onto the blockchain through financial applications such as payments, stablecoins, savings, and DeFi first, before we can see meaningful adoption in media, gaming, AI, or other potentially more distant fields.
The future is created by people, and as long as more people share the same consensus, the flame of the crypto narrative can be reignited.
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