Between January 1, 2023, and December 31, 2024, of the 1,181 cryptocurrency projects that received venture capital, nearly 45% have ceased operations, and 77% have monthly revenues of less than $1,000. Among venture capital firms, Polychain Capital has the highest failure rate, with 44% of its invested projects terminated and 76% not generating effective revenue; Yzi Labs (formerly Binance Labs) has a failure rate of 72% for supported projects;

Among angel investors, former Coinbase CTO Balaji Srinivasan has a 'zombie project' ratio of 57%, the highest; Arthur Hayes has 34%, Santiago Santos has 15%, and projects supported by Sandeep Nailwal and Stani Kulechov each have a 10% cessation rate. Data shows that the fundraising scale is significantly related to the success rate. Projects that raised over $50 million have a noticeably lower failure rate, while 33% of projects that raised less than $5 million have failed, and 20% have ceased operations.