In a new Twitter post dated Dec. 12, Du Jun, co-founder of cryptocurrency exchange Huobi Global, shared new insight on his experience of running ABCDE Capital, a $400 million Web 3.0 venture capital (VC) fund, in June this year. According to Jun, the idea for ABCDE Capital came in March, and by April, it was already registered in Singapore. However, amidst the $40 billion Terra Luna implosion in May, Jun said that "old money has all but fled" after the incident.
"FTX's implosion made traditional old money and government agencies afraid, or even disgusted, by the chaotic and orderless realm of crypto. For a long time thereafter, governments would not support relaxed policies that support development and innovation in crypto, nor would sovereign wealth funds invest in the market."
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