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China’s Ant Group, is preparing to sever its ties with the A&T Capital fund. This fund, handling $100M, was established to invest in offshore crypto projects.

Here’s what you need to know:

  • A&T Capital, previously Ant Group’s partner in crypto ventures, has invested in numerous crypto startups, including Matrixport, a digital-asset lender, and ConsenSys, the Ethereum software expert.
  • Yu Jun, an ex-Ant Group executive, and A&T’s founding partner, takes an exit. His departure was allegedly followed by investigations into his workplace conduct after accusations of sexual harassment from several women, including his A&T Capital colleagues.
  • A&T Capital was created in April 2021 with support from Ant Group, aimed at financing offshore cryptocurrency projects.
  • With Ant Group withdrawing its investment, the future of A&T Capital is uncertain. There are questions about whether it will continue to operate independently or seek new investors.
  • As of now, all parties including Ant Group and Yu Jun have remained silent, not responding to any contact attempts.

The decision to retreat from the crypto venture comes amid the tumultuous times in the crypto industry, with funding for crypto ventures showing signs of a decline in Q2, according to PitchBook data.

This move follows the previous year’s turbulence in the virtual asset market and coincides with the growing interest in artificial intelligence technology.

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