Document:

Exhibit 10.2

Crypto 1 Acquisition Corp

1221 Brickell Avenue

Suite 900

Miami, Florida 33131

 

June 16, 2021

 

Crypto 1 Sponsor LLC

1221 Brickell Avenue

Suite 900

Miami, Florida 33131

 

RE: Securities Subscription Agreement 

 

 Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on June 16, 2021 by and between Crypto 1 Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Crypto 1 Acquisition Corp, a Cayman Island exempted company (the “Company”, “we”
or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 5,750,000
shares (the “Shares”) of Class B ordinary shares, $0.0001 par value per share (the “Class B Ordinary Shares”)
up to 750,000 of which are subject to forfeiture by you if the underwriters of the initial public offering (“IPO”)
of units of the Company (the “Units”), do not fully exercise their over-allotment option (the “Over-allotment
Option”). The Company and the Subscriber’s agreements regarding such Shares are as follows:

 

1.            Purchase of Shares. For the sum of $25,000, which the Company acknowledges receiving in cash, the Company hereby issues the
Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject
to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution
of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name
representing the Shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2.            Representations, Warranties, and Agreements.

 

2.1           Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1         
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Shares.

 

2.1.2         
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing documents of the Subscriber,
(b) any agreement, indenture or instrument to which the Subscriber is a party, or (c) any law, statute, rule or regulation to which the
Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3          Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of
Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against
Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4         
 Experience, Financial Capability and Suitability.

 

(a)          Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in
the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.

 

(b)          Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to bear
the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5         
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge
and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished
pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations
which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in
making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6         
Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance
on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of Regulation D promulgated
under the Securities Act or similar exemptions under state law.

 

2.1.7         
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) of Regulation D promulgated under the Securities Act.

 

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2.1.8          Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the
meaning of section (a)(3) of Rule 144 promulgated under the Securities Act (“Rule 144”), and Subscriber
understands that the Certificates (as defined in Section 3.3) or book-entries representing the Shares will contain a legend
in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares,
such Shares may be offered, resold, pledged or otherwise transferred only pursuant to (a) registration under the Securities Act
covering such offer, resale, pledge or other transaction or (b) an available exemption from registration. Subscriber agrees that if
any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company,
Subscriber may not be able to rely on Rule 144 promulgated under the Securities Act with respect to the resale of the Shares until
one year following consummation of the initial business combination of the Company, despite technical compliance with the
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9         
No Governmental Consents. No governmental, administrative or other third-party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2           Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and
warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1         
Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2         
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the certificate of incorporation or by-laws of the
Company, (b) any agreement, indenture or instrument to which the Company is a party, or (c) any law, statute, rule or regulation to which
the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

 

2.2.3         
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly
and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of
the Subscriber.

 

2.2.4         
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company that: (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (b) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

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3.            Forfeiture of Shares.

 

3.1           Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is
not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of the Shares (such
transferees, the “Initial Shareholders”)) shall forfeit any and all rights to such number of Shares (up to an
aggregate of 750,000 Shares, pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately
following such forfeiture, the Subscriber (and all other Initial Shareholders prior to the IPO, if any) will own an aggregate number
of Shares (not including any Shares issuable upon exercise of any warrants or any shares of Class A ordinary shares, par value
$0.0001 per share (the “Class A ordinary shares”, together with the Class A ordinary shares, the “Class
A Ordinary Shares”) purchased by Subscriber or any other Initial Shareholder in the IPO or in the aftermarket) equal to
20% of the issued and outstanding Shares immediately following the IPO.

 

3.2             Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then
after such time the Subscriber (or Initial Shareholder or other successor in interest), shall no longer have any rights as a holder of
such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3            Share Certificates. In the event an adjustment to the original certificates representing
the Shares (the “Original Certificates”), if any, is required pursuant to this Section 3,
then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt
of Notice (as defined in Section 6.2) from the Company advising Subscriber of such adjustment, following which a new certificate
representing the Shares (the “New Certificate” and together with the Original Certificates, the “Certificates”),
if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any,
shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by the Subscriber
shall be made in book-entry form.

 

4.            Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement,
the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the
trust account, which will be established for the benefit of the Company’s public shareholders and into which substantially all of
the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon
the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases
Units in the IPO or shares of Class A ordinary shares in the aftermarket, any additional shares of Class A ordinary shares included in
the Units or shares of Class A ordinary shares so purchased shall be eligible to receive any liquidating distributions by the Company.
However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon the successful
completion of an initial business combination.

 

5.            Restrictions
on Transfer.

 

5.1            Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) by and between Subscriber and the Company to be dated as of the closing of the IPO, Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the offer and sale of
the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory
to the Company, that such registration is not required because such transaction is exempt from registration (i) under the Securities Act
and the rules promulgated thereunder by the Securities and Exchange Commission and (ii) with respect to all applicable state securities
laws. 

 

5.2            Lock-up. Subscriber acknowledges that the Shares will be subject to lock-up provisions
(the “Lock-up”) contained in the Insider Letter.

 

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5.3             Restrictive
Legends. Any Certificates shall have endorsed thereon legends substantially as follows:

 

“THE OFFER AND SALE OF THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT COVERING SUCH OFFER, SALE, TRANSFER, PLEDGE OR OTHER DISPOSAL UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4            Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an
extraordinary dividend payable in a form other than Class A Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company’s outstanding shares of Class A Ordinary Shares without receipt
of consideration, any new, substituted or additional securities or other property, which are by reason of such transaction distributed
with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be
subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property
shall be made to the number or class of Shares subject to this Section 5 and Section 3.

 

5.5            Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of
the Securities Act and will become freely-tradable only after certain conditions are met or the offer and sale of the Shares is registered
under the Securities Act pursuant to that certain registration rights agreement to be dated as of the closing of the IPO by and between
Subscriber, the Company, and the other parties thereto (the “Registration Rights Agreement”) prior to the closing
of the IPO.

 

6.             Other Agreements.

 

6.1             Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

6.2            Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address
that may be designated by the receiving party from time to time in accordance with this Section 6.2). A Notice shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient;
or (d) on the third day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid).

 

6.3            Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the
entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change
or restrict, the express terms and provisions of this Agreement.

 

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6.4           Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.

 

6.5            Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior
written consent of the other party.

 

6.6            Successors and Assigns; No Third-Party Beneficiaries. This Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective permitted successors and permitted assigns. This Agreement is for the sole benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

6.7            Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with
and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof.

 

6.8            Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the
extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless
remain in full force and effect.

 

6.9            Waivers and Consents. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth
in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this
Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. No
Notice on a party not expressly required under this Agreement shall entitle the party receiving such Notice to any other or further Notice
in similar or other circumstances or constitute a waiver of the rights of the party giving such Notice to any other or further action
in any circumstances without such Notice.

 

6.10          
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.11           No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    - 6 - 

     

    

 

6.12          
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.13          
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.14          
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The
words “include,” “includes,” and “including” will be deemed to be followed by
 “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender,
and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words
 “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party
hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or
covenant.

 

6.15          
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.            Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the
Company negotiates and submits for approval to the Company’s shareholders and the Subscriber shall not seek redemption with respect
to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s
shareholders in connection with an initial business combination negotiated by the Company.

 

8.            Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    - 7 - 

     

    

  

If the foregoing accurately sets forth our understanding
and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,

 

	 	CRYPTO 1 ACQUISITION CORP

 

	 	By: 	/s/ Michael (Xu) Zhao
	 	Name:	Michael (Xu) Zhao
	 	Title:	Chief Executive Officer

 

 

  

Accepted and agreed as of the date first written
above.

 

	CRYPTO 1 SPONSOR LLC	 

 

	By: 	/s/ David Hytha	 
	Name:	David Hytha	 
	Title:	Managing Member	 

[Signature Page to Subscription
Agreement]Exhibit 10.3

 

LETTER
AGREEMENT

 

[●], 2021

 

Crypto 1 Acquisition Corp

1221 Brickell Avenue

Miami, Florida 33131

 

B. Riley Securities, Inc.

299 Park Avenue

New York, NY 10171

 

Re: Initial Public Offering.

 

Ladies and Gentlemen:

 

This letter agreement (this
 “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between Crypto 1 Acquisition Corp, a Cayman Islands exempted company (the “Company”),
and B. Riley Securities, Inc. as representative (the “Representative”) of the Underwriters (the “Underwriters”),
relating to the underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one Class A ordinary share of the Company, $0.0001 par value (the “Ordinary Shares”), and one-half
of one warrant.  Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Ordinary Share
at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the IPO pursuant to a Registration Statement on Form S-1
and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.            If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares and Founder
Shares beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

     

     

    

 

2.            (a) In
the event that the Company fails to consummate a Business Combination within 12 months from the closing of the IPO, which is extendable
at Crypto 1 Sponsor LLC‘s (the “Sponsor”) option to up to 18 months as described in the Prospectus, or such later
period approved by the Company’s shareholders in accordance with the Memorandum and Articles of Association, the undersigned shall
take all reasonable steps to (i) cause the Company to cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible, but no more than ten business days after the expiration of such period, subject to applicable Cayman Islands law,
redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Fund including
interest earned on the funds held in the Trust Fund (which interest shall be net of taxes payable and less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then-outstanding IPO Shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining holders of Ordinary
Shares and the Board of Directors, cause the Company to dissolve and liquidate, subject in the case of (ii) and (iii) above
to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
laws. The undersigned agrees not to propose any amendment to the Memorandum and Articles of Association that would affect the substance
or timing of the Company’s obligation to provide holders of the IPO Shares the right to have their shares redeemed in connection
with an initial Business Combination or to redeem 100% of the IPO Shares if the Company does not complete an initial Business Combination
within 12 months from the consummation of the IPO, which is extendable at Sponsor’s option up to 18 months as described in the Prospectus,
unless the Company provides holders of the IPO Shares with the opportunity to redeem their IPO Shares upon approval of any such amendment
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Fund, including interest earned
on the funds held in the Trust Fund and not previously released to the Company to pay taxes, if any, divided by the number of then-outstanding
IPO Shares.

 

(b)            The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any
remaining net assets of the Company as a result of such liquidation with respect to its Founder Shares and Private Placement Warrants
(and the underlying Ordinary Shares) (“Claim”) and hereby waives any Claim the undersigned may have in the future as
a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any
reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with respect to any
Private Placement Warrants, which will terminate upon the Company’s liquidation.

 

3.            To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,000,000 Units (as described
in the Prospectus), the undersigned agrees that it shall return to the Company, on a pro rata basis in accordance with the percentage
of Founder Shares held by it, for cancellation at no cost, a number of Founder Shares equal to 750,000 multiplied by a fraction, (a) the
numerator of which is 3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option,
and (b) the denominator of which is 3,000,000.  The undersigned further agrees that to the extent that (i) the size of
the IPO is increased or decreased and (ii) the undersigned has either purchased or sold Ordinary Shares or an adjustment to the number
of Founder Shares has been effected by way of a share split, share dividend, reverse share split, contribution back to capital or otherwise,
in each case in connection with such increase or decrease in the size of the IPO, then (A) the references 3,000,000 in the numerator
and denominator of the formula in the immediately preceding sentence shall be changed to a number equal to 15% of the number of Ordinary
Shares included in the Units issued in the IPO and (B) the reference to 750,000 in the formula set forth in the immediately preceding
sentence shall be adjusted to such number of Ordinary Shares that the undersigned would have to return to the Company in order to hold an
aggregate of 20.0% of the sum of the Company’s issued and outstanding IPO Shares and Founder Shares immediately after the
IPO.

 

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4.            (a) The
undersigned agrees that it shall not effectuate a Transfer of the Founder Shares until the earlier to occur of (i) one year after
the date of the consummation of a Business Combination or (ii) such time, at least 150 days after the Business Combination, that
the closing price of the Company’s Ordinary Shares equals or exceeds $12.00 per Ordinary Share (as adjusted for share sub-divisions,
share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period (the “Lock-up”).

 

(b)            Notwithstanding
the foregoing, the Lock-up restrictions will be removed earlier if, after a Business Combination, the Company consummates a subsequent
liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right
to exchange their Ordinary Shares for cash, securities or other property.

 

(c)            The
undersigned agrees that it shall not effectuate a Transfer of the Private Placement Warrants or the Ordinary Shares underlying such Private
Placement Warrants, until 30 days after the completion of a Business Combination and as further subject to the transfer restrictions described
in the Private Placement Warrant Purchase Agreement relating to the Private Placement Warrants.

 

(d)            Notwithstanding
the provisions set forth in this paragraph 4, Transfers of the Founder Shares and Private Placement Warrants (and the underlying
Ordinary Shares) are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the
Company’s officers or directors, or any affiliates of the undersigned, (ii) by private sales or transfers made in
connection with the consummation of a Business Combination at prices no greater than the price at which the securities were
originally purchased, (iii) in the event of the Company’s liquidation prior to the completion of a Business Combination,
(iv) by virtue of the laws of State of Delaware or the Sponsor’s limited liability agreement or the rights attaching to
the equity interests in the Sponsor upon dissolution of the Sponsor, or (v) in the event of the Company’s liquidation,
merger, capital share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of a Business
Combination; provided that in clauses (i) and (ii), the transferee must enter into a written agreement agreeing to be bound by
the terms of the Lock-up. If dividends are declared and payable in Ordinary Shares, such dividends will also be subject to the
Lock-up.

 

    - 3 -

     

    

 

5.            During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned will not,
without the prior written consent of the Representative pursuant to the Underwriting Agreement, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, hedge or otherwise dispose of or agree to dispose of (or enter into any transaction that is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due
to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration
statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder with respect to, any Units, Ordinary Shares or Warrants or any securities convertible into, or exercisable, or
exchangeable for, Ordinary Shares owned by him, (ii) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of any Units, Ordinary Shares, Warrants or any securities convertible into,
or exercisable, or exchangeable for, Ordinary Shares owned by him, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (iii) publicly announce any intention to effect any transaction, including the filing of a registration
statement, specified in clause (i) or (ii). The undersigned acknowledges and agrees that, prior to the effective date of any release
or waiver of the restrictions set forth in this paragraph 5, the Company shall announce the impending release or waiver by press release
through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted
shall only be effective two business days after the publication of such press release. The provisions of this paragraph will not apply
to any transfer not for consideration provided that the transferee in each case has agreed in writing to be bound by the same terms described
in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

6.            The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
the undersigned or any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise
affiliated with an entity with which the undersigned or any Insider or their affiliates is affiliated, such transaction must be approved
by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment
banking firm that is a member of the Financial Industry Regulatory Authority or an independent accounting firm that such Business Combination
is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

7.            Neither
the undersigned nor any affiliate of the undersigned, will be entitled to receive or accept a finder’s fee, reimbursement, cash
payment, or any other compensation in connection with any services rendered prior to or in connection with the completion of the Business
Combination; provided that the Company shall be allowed to make the payments set forth in the Prospectus adjacent to the caption “Summary—The
Offering—Limited payments to insiders.”

 

8.            The
undersigned hereby waives its right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned by the undersigned,
directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket, and agrees that it will not seek redemption
with respect to or otherwise sell such shares to the Company in connection with any Business Combination.

 

    - 4 -

     

    

 

9.            In
the event of the liquidation of the Trust Fund, the undersigned (in such capacity, the “Indemnitor”), agrees to
indemnify and hold harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not
limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) a prospective
target business with which the Company has had discussions or entered into an acquisition agreement (a “Target”) or
(ii) any vendor or other person who is owed money by the Company for services rendered or products sold to, or contracted for, the
Company, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of
funds in the Trust Fund to below the lesser of (i) $10.05 per IPO Share and (ii) the actual amount per IPO Share held in the
Trust Fund as of the date of the liquidation of the Trust Fund if less than $10.05 per IPO Share due to reductions in the value of the
trust assets, in each case net of interest that may be withdrawn to pay the Company’s taxes; provided, that such indemnity
shall not apply if such Target, vendor or other person has executed an agreement waiving any claims against the Trust Fund and all rights
to seek access to the Trust Fund whether or not such agreement is enforceable. In the event that any such executed waiver is deemed unenforceable
against such third party, the Indemnitor shall not be responsible for any liability as a result of any such third party claims. Notwithstanding
any of the foregoing, such indemnification of the Company by the Indemnitor shall not apply as to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act, as amended. In the
event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to
complete such liquidation, Indemnitor agrees to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses. The undersigned shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the undersigned, the undersigned notifies
the Company in writing that it shall undertake such defense.

 

10.           This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submits to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or
that such courts represent an inconvenient forum.

 

11.           As
used herein, (i) a “Business Combination” shall mean an acquisition, share exchange, share reconstruction and
amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar
business combination with one or more businesses or entities; (ii) “Memorandum and Articles of Association” shall
mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same shall be amended from time to time;
(iii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately prior to the IPO;
(iv) “Founder Shares” shall mean all of the Class B ordinary shares of the Company, par value $0.0001 per
share, acquired by the undersigned prior to the consummation of the IPO; (v) “IPO Shares” shall mean the Ordinary
Shares issued in the Company’s IPO; (vi) “Private Placement Warrants” shall mean the warrants purchased
in a private placement taking place simultaneously with the consummation of the Company’s IPO and the over-allotment option, if
any; (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16
of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Trust Fund” shall
mean the trust fund into which a portion of the net proceeds of the Company’s IPO and a portion of the proceeds from the sale of
the Private Placement Warrants will be deposited.

 

    - 5 -

     

    

 

12.            Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
facsimile transmission, or electronic mail.

 

13.            No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. Any purported assignment in violation of this paragraph 13 shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the parties hereto and
any successors and assigns thereof.

 

14.            This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up or (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the IPO is not consummated and closed by [●],
2021, provided further that paragraph 9 of this Letter Agreement shall survive such liquidation.

 

15.            The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any Underwriter a representative of, or
a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter
hereof.

 

[Signature Page Follows]

 

    - 6 -

     

    

 

Sincerely,

 

Crypto 1 Sponsor LLC

 

 

	By:  	 	 
	Name:	David Hytha 	 
	Title:	Managing Member	 

 

 

Acknowledged and Agreed:

 

CRYPTO
1 ACQUISITION CORP

 

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

[Signature Page to Letter Agreement (Sponsor)]

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