According to a joint study by Chainplay and Strorible, nearly 45% of the 1,181 crypto projects that received venture funding between January 1, 2023 and December 31, 2024 have been suspended, and 77% have less than $1,000 in monthly revenue. In terms of venture capital institutions, Polychain Capital has the highest failure rate of investment, with 44% of participating projects terminated and 76% of projects not generating effective income. Yzi Labs (formerly Binance Labs) supports projects with a failure rate of 72%. Top venture capital firms such as Circle, Delphi Ventures, Consensys, and Andreessen Horowitz also have a large number of supported projects suspended, and many more than two-thirds of projects failed. Among angel investors, former Coinbase CTO Balaji Srinivasan led with 57% of "zombie projects"; Arthur Hayes at 34%, Santiago Santos at 15%, and projects backed by Sandeep Nailwal and Stani Kulechov at 10% each went out of service. The data shows that the scale of fundraising is significantly related to the success rate. Projects that raised more than $50 million had a significantly lower failure rate, while projects that raised less than $5 million had 33% failed and 20% stopped operating.