According to nic carter, faking an email from a venture capitalist claiming they are sending a term sheet during a fundraising round is considered securities fraud, as it constitutes misrepresentation of material facts in connection with a securities offering (source: nic__carter on Twitter). This warning is critical for crypto project founders and investors, as regulatory scrutiny around fundraising communications is tightening. Traders should be vigilant, as any exposure to fraudulent fundraising could lead to enforcement actions, negatively impacting token prices and increasing overall market risk.