I worked for a web3 venture capitalist firm out in SG, they had a group of investors and charged the management fees on performance and AUM in the fund.
The fund was very traditional, long only top 10 Cryptos. The gains on the investments were not enough, so the investment team started launching shitcoin projects, and would intentionally rug, banking 80-300k each time.
They have orchestrated over 100 rugs to date.
I left in January this year.