The more you explain yourself the less this sounds like a pump and dump/FUDy territory this conversation started with. Maybe I'm confused but even "dumb money"

The more you explain yourself the less this sounds like a pump and dump/FUDy territory this conversation started with. Maybe I'm confused but even "dumb money" doesn't typically buy billion dollar scams at IPO where their financials are arranged by Goldman Sachs et al. Unless I missed some obvious examples in recent history where a bullshit (let alone crypto tier bullshit) tech company IPOd with hundreds of millions invested by legit Sequia/OTPP style investors and then the whole charade got exposed after the fact. You could maybe point to a tiny set of VC companies in history, like Groupon where the stock price was overvalued at IPO, but even they are still a real business with 4000 employees 11 years later. If anything you could say the grand conspiracy was betting on an acquirer buying them before crypto went bust. But I highly doubt that was a key part of some calculated plan. Why is it so hard to believe some VC (who looked for external validation over their own dilligence) thought there was real longterm value in the business? That it seemed on paper like they were making revenue from legit sources and successfully hid their relationships/high risk bets elsewhere? Or even exploded in risk after they got tons of $$ invested? There's more than enough potential doubt here to wait before pushing this FUDy angle.