3AC: A $10B hedge fund gone bust with founders on the run
3AC downfall has led to a multi-billion dollar cascade that has claimed the likes of Celsius, Voyager and many other crypto lending firms with exposure to the hedge fund. Three Arrow Capital (3AC), a Singapore-based crypto hedge fund that at one point managed over $10 billion worth of assets, became one of the many crypto firms that went bankrupt in this bear market. However, the fall of 3AC wasn’t purely a market-driven phenomenon. As more information surfaced, the collapse looked more like a self-inflicted crisis brought upon by an unchecked decision-making process.To put it concisely,....
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This week the two co-founders of the embattled cryptocurrency hedge fund Three Arrows Capital spoke to Bloomberg about their fund crumbling at the seams. The co-founders Su Zhu and Kyle Davies did not disclose their whereabouts, but a lawyer who monitored the interview noted the duo is located in the United Arab Emirates. Zhu said that he would “maybe” accept being called “stupid,” but people saying that he “absconded funds during the last period” is “not true.”
3AC Founders Discuss the Company’s Financial Woes
The....
Reports indicate that the bankrupt crypto hedge fund Three Arrows Capital (3AC) is facing more trouble from liquidators and financial authorities from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The whereabouts of the hedge fund’s co-founders Su Zhu and Kyle Davis are still unknown and the court-appointed liquidator plans to leverage unorthodox means to send the two co-founders a subpoena. 3AC Is Allegedly Under Investigation by US Regulatory Watchdogs The co-founders from the troubled crypto hedge fund Three Arrows Capital (3AC)....
Su Zhu revealed the 3AC team had close ties to Terra co-founder Do Kwon, which made them overlook many red flags with the project that eventually led to a multi-million dollar loss for the hedge fund. The founders of tainted crypto hedge fund Three Arrow Capital (3AC), which filed for bankruptcy in the first week of July, have finally resurfaced after five weeks of no known whereabouts.In an interview with Bloomberg, Su Zhu and Kyle Davies, the two founders of the crypto hedge fund, admitted that the overconfidence born out of a multiyear bull market, where lenders saw their values swell....
Once the most revered hedge fund in crypto, Three Arrows Capital has gone bust. As it turns out, its holdings of Deribit shares may be much smaller than reported. About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund in crypto — Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype — and made....
The disgraced founders of Three Arrows Capital spoke comprehensively about the catastrophic failure of their once-flying hedge fund after five weeks of hiding out. They said that they had received threats to their lives, which is why they remained under the radar. Bloomberg reported on Friday that Su Zhu and Kyle Davies, both 35 years […]