SEC Alleges Fraud in Shima Capital’s Crypto Fundraising, Founder Yida Gao Resigns

The SEC sued Shima Capital founder Yida Gao for alleged investor fraud, claiming misleading fundraising claims that raised nearly $170 million. Gao resigned shortly after, leading to the fund's wind-down and a proposed $4 million settlement including disgorgement and bans. SEC alleges Shima Capital misled investors with false return claims in pitch decks, inflating a [...]