Tier-1 VCs lost their shirts.

10 crypto projects that raised at billion-dollar valuations - backed by Paradigm, Sequoia, Polychain, Multicoin now trade 88-99% below their last private round.
Combined paper wealth destroyed: $22B+.
The graveyard:
1. Scroll: $1.8B → $8M (-99.5%)
2. Boba: $1.5B → $11M (-99.3%)
3. Fuel: $1B → $7.5M (-99.3%)
4. Polyhedra: $1B → $10M (-99.1%)
5. Wormhole: $2.5B → $75M (-97%)
6. Magic Eden: $1.6B → $53M (-96.7%)
7. HashKey: $1.2B → $42M (-96.5%)
8. Starknet: $8B → $199M (-95%)
9. Mocaverse: $1B → $97M (-90.2%)
10. Immutable: $2.5B → $294M (-88.2%)
4 of 10 are ZK or L2.