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 crypto hedge fund Three Arrows Capital Ltd. (3AC) founded by Su Zhu and Kyle Davies has been a focal point in the crypto industry for the last couple of weeks since reports noted in mid-June that the fund was insolvent.
On June 15, Zhu tweeted “We are in the process of communicating with relevant parties and fully committed to working this out,” but at the time nobody knew exactly what he meant. Further reports have shown that the crypto fund’s leveraged positions were liquidated by a number of exchanges.
Reports had also disclosed that 3AC owed Voyager Digital $655 million and days later, a British Virgin Islands court ordered that 3AC’s assets were targeted to be formally liquidated. By the first week of July, 3AC filed for bankruptcy protection, leveraging the Chapter 15 process in order to protect the company’s assets in the United States.
Amid all the chaos surrounding the company, the two co-founders had not been talkative about the situation and no one was sure where the duo was located. This week, the 3AC co-founders decided to do an interview with Bloomberg, and Zhu and Davies gave the interviewer a more descriptive account of their story.
The two acknowledged that the company’s fallout spread like a contagion across the entire crypto industry and they deny attempting to abscond funds out of the company’s coffers before the full collapse.
Zhu said the firm’s execs suffered significant personal losses in an attempt to rescue the sinking ship. “People may call us stupid,” Zhu remarked. “They may call us stupid or delusional. And, I’ll accept that. Maybe,” Zhu said. “But they’re gonna,…
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