You are a venture capitalist evaluating a crypto investment

You are a venture capitalist doing due diligence on a hot new crypto startup. Can you do a better job of spotting problems than Sequoia Capital did with FTX? I have paraphrased a little, but this is based almost word for word on the true story. (Except for the part where you express reservations, of course - that's completely fictional). There are some secrets in memory - you can look at them if you want to shape the story, or try to discover them on your own.