Murad Mahmudov, former co-founder of Adaptive Capital, criticized the performance of VC-backed crypto projects in a recent interview on the Proof of Thought Podcast. He stated that these projects have exacerbated wealth disparities by failing to provide upward mobility for ordinary participants. Mahmudov highlighted structural issues, such as high initial valuations and continuous token unlock mechanisms, which he believes hinder lower- and middle-income individuals from benefiting while increasing their financial risk. This situation, he argued, has contributed to a growing divide among crypto projects in the current market cycle.