Crypto funds, founded at the peak of the foam, are paying for "bad years". As liquidity tightens and investment sentiment cools, cryptocurrency funds established during the pandemic are collectively entering a dark moment. Recently, Web3 fund ABCDE announced the suspension of new investments, becoming a microcosm of the industry. Even though the internal rate of return is globally leading, fundraising difficulties, exit obstacles, and significant valuation declines are troubling a large number of similarly vintage cryptocurrency VCs.