币界网报道：Blockchain venture capital firms are facing criticism for allegedly operating like Ponzi schemes, with some investors accusing them of unsustainable business models. Critics argue that many VC-backed projects prioritize token price speculation over real-world utility, creating artificial demand. Several high-profile cases have emerged where projects collapsed shortly after token listings, leaving retail investors with significant losses. Industry analysts warn this trend could damage blockchain's long-term credibility if left unchecked. Some venture firms defend their practices, claiming they support genuine innovation while acknowledging the need for better due diligence. Regulatory scrutiny is increasing in multiple jurisdictions as authorities examine potential investor protection issues in crypto fundraising.