3AC Co-Founder Kyle Davies Stands Firm, Won’t Apologize for Crypto Hedge Fund Bankruptcy
Kyle Davies, the founder of collapsed crypto hedge fund Three Arrows Capital (3AC) says he has nothing to apologize for in a new interview on the latest episode of Unchained.
“Am I sorry for a company going bankrupt? No, like companies go bankrupt, almost every company goes bankrupt, right?” reasoned Davies. His words came in answer to criticisms that he had shown no remorse when his company went bust.
Davies added “it’s how you build or what you do about it […] We can add value in various ways. At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.”
Davies confirmed he will not be returning “immediately” to Singapore, where 3AC is headquartered. Authorities in the country expect Davies to serve the same four-month jail sentence that 3AC co-founder Zhu served at the end of last year, but Davies hinted that he’s looking to avoid punishment: “obviously these things just resolve at some point, there are settlements.”
Finally Davies hinted that he was “in Europe” but declined to confirm whether he is still in Portugal, which is where he himself reported he was last month.
Born in the US, Kyle Davies met his 3AC co-founder Su Zhu while studying and together they founded the company in 2012 in Singapore as a hedge fund that arbitrage traded forex derivatives.
3AC pivoted to crypto trading in 2017, around the time when Davies renounced his US citizenship to become a Singapore citizen.
In May 2022, a huge crypto project called Terra collapsed when its dollar-pegged stablecoin UST slipped its peg and spiralled down to nothing. Terra sold UST on the promise that an algorithm could peg it to USD by burning a sister token called LUNA.
However, on May 7, $2 billion exited UST en masse after
Read more on cryptonews.com
