PANews reported on June 4 that according to Bitcoin.com, a joint study by Chainplay and Strorible showed that among the 1,181 crypto projects that received venture capital between January 1, 2023 and December 31, 2024, nearly 45% have ceased operations, and 77% have a monthly income of less than $1,000. In terms of venture capital institutions, Polychain Capital has the highest investment failure rate, with 44% of its investment projects terminated and 76% of its projects not generating effective income; Yzi Labs (formerly Binance Labs) has a 72% failure rate for projects supported; top venture capital companies such as Circle, Delphi Ventures, Consensys, and Andreessen Horowitz have also seen a large number of projects supported cease operations, with more than two-thirds of projects failing.

Among angel investors, former Coinbase CTO Balaji Srinivasan has the highest proportion of "zombie projects" at 57%, followed by Arthur Hayes at 34%, Santiago Santos at 15%, and Sandeep Nailwal and Stani Kulechov, with 10% of their projects shut down. Data shows that the scale of fundraising is significantly correlated with the success rate. The failure rate of projects with financing of more than $50 million is significantly lower, while among projects with financing of less than $5 million, 33% have failed and 20% have ceased operations.