Kyle Samani, co-founder of Multicoin Capital, posted a tweet on X that was quickly deleted but not before being captured by the community. He expressed deep disappointment with the crypto industry and then announced his departure from the firm he co-founded nearly a decade ago.
Deleted Tweet Revealed: 'Blockchain Is Basically a Ledger'
According to user records, Samani replied to X user Taran's bear market complaints, writing: "Crypto is not as interesting as many people, including myself, once imagined. I used to believe in the Web3 vision, in dApps. I don't anymore. Blockchain is essentially a ledger of assets. It will reshape finance, but that's about it." He also noted DePIN as an area to watch and said the only unsolved interesting problem is on-chain privacy and confidentiality, reiterating his belief that Zama will win that track.
The tweet was deleted shortly after posting but sparked widespread discussion in the crypto community. The impact was significant: one of the top VCs who had been a staunch Solana advocate publicly declaring he no longer believes in Web3.
Sudden Resignation: Moving Toward AI and Robotics
Hours after deleting the tweet, Samani formally announced his resignation as managing partner at Multicoin Capital. According to CoinDesk, he described the departure as "bittersweet" and plans to take a break before exploring new directions in AI and robotics. Multicoin Capital was founded in 2017 and gained prominence for early bets on Solana and Helium. After Samani's exit, daily operations will be handled by co-managing partners Tushar Jain and Brian Smith.
Contradictory 'Remedy': Still Claiming to Be Bullish on SOL
In a twist, Samani followed his deleted confessional tweet with another post attempting damage control, stating he personally remains "extremely bullish" on SOL and crypto, and will continue to participate in the space as an individual and as chairman of Forward Industries, the largest SOL treasury company. The contradictory stance has fueled market speculation about which version of Samani is real. When a builder of one of the most influential crypto investment firms chooses to walk away, perhaps the action itself speaks loudest.