Sure, I agree they’ll likely manage to pull a lot of money out and not go too negative even as they drink their own kool-aid and imagine that a valueless speculation bubble is a substantive field of research.
They will keep doing it until stricter regulations prevent them from doing so. Such as working extremely closely with multiple exchanges to simultaneously list the tokens they've invested in and use them to dump on retail as exit liquidity. [0][1]
Even if they do get caught, they can pay the SEC a small fine which is nothing more than a slap on the wrist to them from their gains. They (a16z) make money and the SEC makes money.
That is why they still win and rarely lose. But retail in almost every case always loses.
[0] https://news.ycombinator.com/item?id=31012587
[1] https://www.benzinga.com/markets/cryptocurrency/21/07/221261...