Seven Seven Six's $176M Crypto Fund Raised Last August Has Evaporated to $6M

According to Forbes, Alexis Ohanian, co-founder of Reddit and leader of Seven Seven Six, said that in 2022, after obtaining the RIA license, the $176 million cryptocurrency fund raised by Seven Seven Six in August of that year, as the digital asset industry was encrypted Swallowed by the bear market, the fund was down to just $6 million. In addition, according to The Information citing investor documents, it is expected that 30% of Seven Seven Six’s $776 million financing plan announced in February this year will be used to invest in Web3 startups. And half of the $200 million Ohanian earmarked for investing in the blockchain social network went to companies built on Solana, which was hit hard by the FTX bankruptcy.