VC provides financing, project development, and retail investors provide secondary support - there is nothing wrong with the logic itself, but the problem is that the valuation is too high when the project development is very poor.
VCs invest money in the early stage, taking the risk of project failure and investment zero, so it is reasonable to get a high multiple of returns. And retail secondary buyers do not have to bear restrictions such as lock-up, which is also not wrong.
But when the actual value is 1 and the secondary valuation is 100, you need to wait for the bond to be corrected.