The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against crypto venture firm Shima Capital and its founder Yida Gao, accusing them of orchestrating a scheme to defraud investors. The legal action was initiated three weeks ago, according to crypto journalist Kate Irwin. Internal communications reveal that Gao has informed project founders of his intention to resign and liquidate the fund, expressing regret over "poor decisions." Shima Capital, established in 2021, manages approximately $200 million and has invested in projects such as Berachain, Monad, Pudgy Penguins, Sleepagotchi, and Gunzilla.