Ethereum’s founder, Vitalik Buterin, raised funds in 2014 through an initial coin offering (ICO), a method that thrived in crypto’s early days. Today, stricter regulations, investor skepticism, and market saturation would make such fundraising far more challenging. The collapse of major crypto projects and increased scrutiny from regulators have diminished trust in ICOs. Venture capital firms now demand clearer business models, compliance measures, and tangible utility before investing. While Ethereum remains a blockchain giant, a new Ethereum-like project would struggle to secure funding without institutional backing, highlighting how the crypto fundraising landscape has dramatically shifted in the past decade.