After completing a multi-year of investing in seeds and Series rounds I've come to a few conclusions that may help you in your future journey 1. SPVs nor SAFEs prevent you from being rugged 2. Crypto seeds are generally not worth it, lock ups/vesting are way too long but what's most likely going to be 0 3. Lock ups/vesting are also not the only defining factor whether you should invest in something 4. PMF is important, especially in seeds, if there's no PMF, there's no revenue, if there's no revenue, there's no business - majority of crypto seeds have no PMF 5. Founders are important, many projects just give up within a year, figure out whether the person you're investing in is in it for the money or in it for the future, majority of the time its just short term money 6. I think Series C+ with companies already worth billions are probably the least likely to collapse 7. Lack of growth is a huge red flag and in the same right, I don't ever plan on investing in something at 0 probably ever again