The two co-founders of the recently bankrupt crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have broken their silence in a new interview with Bloomberg, published today.
Zhu and Davies attribute 3AC’s rapid collapse to over-optimistic speculations on their part, with Zhu saying that they “positioned [themselves] for a kind of market that didn’t end up happening.” Davies echoed: “We believed in everything to the fullest.”
In their lengthy postmortem, Zhu said it was “not a surprise” that 3AC folded and filed for bankruptcy, along with Celsius and Voyager.
They weren't the only ones to feel the chill of a crypto winter.
Lenders like Vauld and BlockFi have been having liquidity issues, while some of the names at the top—like Coinbase, Gemini, OpenSea, and Blockchain.com announcing mass layoffs.
Said Zhu: “We have our own capital, we have our own balance sheet, but then we also take in deposits from these lenders and then we generate yield on them. So if we’re in...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...