In the crypto investment circle, it's rare to see a leading institution undergo such a scale of personnel changes in just a few months. A research-driven VC's recent departure list over the past few months is quite alarming—since April, at least 7 employees have left successively, including several partner-level managers.

Looking at the timeline, it’s quite striking. In April, the head of engineering and a research partner announced their departures one after another; in June, the head of business operations also left; by September, the chief legal officer and a senior researcher had again left; most recently in December, the first employee, a general partner, and the head of market development all chose to leave within a short period.

Such personnel upheaval at this level is indeed rare among frontline VCs. Considering this institution’s long-standing iconic status and its top-tier investment taste in the industry, the series of executive departures reflect serious underlying issues—this organization has already fallen into a quite difficult phase.

From publicly available investment portfolios and transaction frequency, the entire industry is experiencing a generally sluggish cycle common to VCs. The pressure from this cycle has clearly propagated into internal organizational operations, with employee turnover becoming the most direct manifestation of this challenging period. When even a once highly regarded research-focused fund begins to face such challenges, it may indicate that the entire crypto investment ecosystem is undergoing deeper adjustments.