DeFiance Capital Founder: A certain fraudulent project successfully raised funds at a valuation of 1 billion USD, indicating a clear decline in VC due diligence standards

Arthur Cheong, founder and CEO of DeFiance Capital, stated on social media that the due diligence standards of VCs have noticeably declined in recent months. Projects filled with many suspicious individuals and founders with dubious histories have managed to successfully raise funds at a valuation of 1 billion. If this situation does not change, it will continue to attract speculators into this field.