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Shima Capital to Cease Operations Amid SEC Lawsuit

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Shima Capital to Cease Operations Amid SEC Lawsuit and Capital Gains Tax Scrutiny Shima Capital, a crypto VC firm, is shutting down after being sued by the SEC for alleged fraud. Founder Yida Gao resigned and agreed to a $4 million settlement. The firm, which raised $200 million in 2021, invested in Berachain, Monad, and Pudgy Penguins. The SEC accused Gao of inflating returns and siphoning funds to an offshore entity. As global regulators like the EU tighten oversight under Markets in Crypto-Assets Regulation, such cases highlight rising compliance risks for crypto firms.
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