Kelsier Ventures-Linked Addresses’ Assets Fell From Nearly $300M to $2M

The collapse is a reminder that attribution and on-chain visibility cut both ways: the same wallet clustering that surfaced these holdings in early 2025 now documents how little remains, with the value concentrated in a single token that evidently did not hold. For counterparties and projects that transacted with or benchmarked against these addresses, the practical question is what residual assets or obligations sit behind a much smaller balance sheet. Whether the remaining $2 million is stable or continues to erode is the open question, and it is the kind of figure worth revisiting against any future disclosures.