How do VCs obtain excess returns through covert means before the tokens are unlocked?

In one case, Polychain invested approximately $20 million in Celestia's Series A and Series B financing rounds, but they had already sold TIA tokens worth over $82 million through staking rewards before the tokens were unlocked, achieving a return on investment of over 4 times.

It's really sneaky. They told the retail investors that the tokens of the team and institutions were still locked, but secretly sold a large amount of chips to retail investors by attracting them to buy and stake coins to drive up the market value through staking rewards, while allowing their own locked tokens to participate in staking and obtain a large amount of chips to sell to retail investors.

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