I assume the real story is A16Z got massive amounts of money from a major U.S. bank that holds shares in the Fed ( probably CITI bank if you made me guess). A16Z was then tasked with launching scam coins as a sort of affinity attack on bitcoin. They found some idiot tweaker who has no morals and threw huge money at him to make a shitcoin machine to launch 1 million shitcoins. A16Z then pumped and dumped these coins to create a huge hype cycle pulling in dummies and then rug pulling them. This was designed to leave a bad taste in the publics mouth for "cryptocurrency" and seed the space with fud.

This is wild speculation, but based on the malicious nature of banks in this country I assume this was their best plans to "sink" bitcoin.