co-founder of a $20 billion blockchain project quit after his tokens vested, said he needed a “mental health break,” started a VC fund, then tweeted “i have a nice SUI bag now” while his old token dropped 95%– be @Moshaikh
– full name mohammad shaikh
– first generation immigrant
– grew up in brooklyn
– dad was a taxi driver
– mom was a housewife
– family was on welfare
– watched his dad make $100 driving a cab but only $60 made it home. the rest went to middlemen
– that moment stuck with him
– went to hunter college. studied psychology economics and accounting
– got an MBA from university of rochester
– started at KPMG as a senior associate
– moved to royal bank of canada as an analyst
– worked at BlackRock in real estate
– joined boston consulting group. worked with sovereign wealth funds
– 2017: joins consensys as an early employee. founds their middle east office
– founds meridio. first company to do fractional real estate on ethereum
– joins meta (facebook) to work on their crypto wallet novi
– works on the diem blockchain (the one mark zuckerberg tried to launch and failed)
– meta kills diem in january 2022
– mo doesn’t accept failure
– december 2021: co-founds aptos labs with avery ching using diem’s open source tech
– march 2022: raises $200 million from a16z, multicoin, tiger global, FTX ventures, coinbase ventures
– same month: shari glazer sues him for $1 billion
– glazer is from THE glazer family. the ones who own the tampa bay buccaneers and manchester united
– she says mo was her consultant. she paid him $35,000 to find blockchains she could buy
– says they agreed to be 50/50 partners
– says mo secretly went to a16z behind her back after telling her “VCs are the devil”
– mo’s lawyers call her story “a work of fiction”
– october 2022: judge denies mo’s motion to dismiss. allows breach of contract claims to move forward
– december 2022: case “resolved.” glazer walks away
– meanwhile aptos launches october 2022
– token dumps 40% on day one
– people call it a VC coin. tokenomics heavily favor insiders and the foundation
– discord muted on launch day
– july 2022: raises another $150 million from FTX ventures and jump crypto at $2 billion valuation
– yes. FTX ventures. the same FTX that collapsed months later
– total raised: $400 million
– aptos hits $20 billion valuation at peak
– partnerships with google microsoft mastercard blackrock paypal
– mo joins the CFTC digital asset subcommittee in june 2024
– december 19 2024: mo announces he’s stepping down as CEO
– says he needs “much-needed time to reflect on where the world is headed”
– APT drops 13% in hours. from $12.66 to $11.02
– his exit timed perfectly with his compensation package vesting
– mid six-figure payout. collected right before leaving
– left at the peak of the bull market. bitcoin was above $100K
– crypto twitter calls it “quitting at the top”
– someone tweets “24 hours into the bear market and the aptos co-founder capitulates his company to take a mental health break”
– october 2025: announces maximum frequency ventures (MF ventures)
– raised $50 million for a crypto VC fund
– when asked why it’s called MF he says it’s a “nice play on letters” and laughs
– the letters he means: motherf*cker
– already deployed $5 million into 6 startups
– then tweets “i have a nice SUI bag now ;-)”
– SUI is aptos’ direct competitor. built by other ex-meta employees using the same diem tech
– APT is now trading around $0.83
– down from all time highs of over $19
– that’s a 95%+ drop
– the people who held APT while he built his VC fund and bought SUI got left behind
he grew up watching his dad lose money to middlemen
then became the middleman
built a blockchain that raised $400 million
collected his bag when the tokens vested
left when the market turned
started a fund with the money
and bought the competition’s token while his old holders watched their bags go to zero
the “mental health break” ceo
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Chapter 1 to Chapter 14’s an “Easter Egg” at #ch1 to #ch14. Including #ch2 which’s chapter 2 at my house in Napa California
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Larry Chiang
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