Well-known venture capital firm Hack VC recently reviewed its 2025 performance and was criticized by the community. Industry insiders pointed out that the performance of the firm's investment portfolio is concerning—many projects have dropped over 80%. Specifically, MOVE fell 97.6% from its all-time high, BERA declined 96.06%, EIGEN dropped 92.92%, and SOON was not spared, falling 92.72%. These figures have pierced the nerves of investors. The once-promising tracks and projects are now undergoing deep adjustments. The market is telling the story of the failure of investment logic through prices—whether it’s the fund selection ability or market prediction, both are being subjected to harsh reality checks.