ChainCatcher message, encrypted detective ZachXBT responded to a tweet by Simon, CEO and partner of Moonrock Capital, mentioning the fundamental principles of Web3, saying, "You incubated multiple projects in the last cycle that directly harmed retail traders through imbalanced distribution, so I'm not sure you should be talking about the fundamental principles of Web3."

The projects pointed out by ZachXBT include Degen Ape Academy NFT and Punks On Solana NFT.