Babbitt News, on June 17, according to the documents submitted to the US SEC in June and two people familiar with the matter, the cryptocurrency fund DBA Crypto is still trying to start. The institutionally-oriented investment startup had previously sought to raise at least $500 million in outside funding and was aiming to launch in late 2022 or early 2023. Three of the core employees have moved to other encryption companies. Sources at the time said the DBA was in advanced talks with potential anchor investors, but its plans didn't pan out. The latest SEC filing shows that DBA Crypto has cut the total target fundraising for its fund from $500 million to $150 million, with both onshore and offshore versions of its flagship DBA Crypto Fund 1 targeting $75 million. DBA initially intended to take a co-investment approach covering digital asset ventures and liquidity strategies including derivatives, the sources said. Team members at the time included Josh Lim, who resigned as Genesis Head of Derivatives in August 2022 to join the DBA; and former Genesis employee Roshun Patel. The pair, along with quantitative analyst Shane Barratt, have signed on as DBA partners. Lim later joined another cryptocurrency firm, Barratt, in April as an algorithmic trader at Tower Research Capital, according to sources. At the same time, the LinkedIn page shows that Patel became a partner of Hack VC in February this year.