Crypto Exec Exits Firm as It Starts Probe Into His Behavior

Zheping Huang, Bloomberg News

(Bloomberg) -- Crypto venture fund A&T Capital said founding partner Yu Jun has resigned, with the company starting an investigation into his behavior in the workplace.

Yu, who worked in the firm’s Shanghai office, is under investigation for “personal issues” and he’s no longer involved with the company’s operations, A&T Capital said in a statement Sunday. Another partner, Jasmine Zhang, will lead a probe into Yu’s behavior, and the firm will cooperate with the relevant authorities on the matter, according to its statement.

Yu, a veteran in China’s crypto investor community, told Bloomberg News that he left the fund, without elaborating.

He resigned from his position at A&T Capital backer Ant Group Co. on March 6 because of personal career choices, that company said. Ant has asked Yu to fully cooperate with a police investigation, a spokesperson for the company said.

“The matter is under police investigation,” the Ant spokesperson said. “We do not tolerate any behavior that violates the laws, regulations or our ethical codes.”

Founded in April 2021, A&T Capital runs a $100 million pool of capital dedicated to crypto and blockchain venture investments, with portfolios including crypto lenders Amber Group and Matrixport, and Ethereum software maker ConsenSys. Yu was an investment director of Ant and helped the Jack Ma-backed fintech empire set up A&T Capital, which invests in offshore crypto projects. Prior to Ant, he served as the investment chief with crypto exchange OKX.

Sexual harassment allegations against Yu emerged online over the past week, sparking widespread conversations among Chinese crypto investors and developers. Among those chiming in was He Yi, the co-founder and second-in-command of crypto exchange leader Binance. “What deserves our attention is how women should respond to harassment in the workplace competition in a patriarchal society,” she tweeted, saying she can’t comment on the allegations against Yu.

While China has been slow to absorb lessons from the global #MeToo movement, a number of women, particularly in the tech industry, have spoken out against alleged sex assaults – often at dire costs. In 2021, Alibaba Group Holding Ltd. – an affiliate with Ant – fired a woman who accused a manager of sexual assault, months after her account of the incident went viral.

--With assistance from Lulu Yilun Chen.

(Updates with Yu’s official title with Ant in sixth paragraph)