Benzinga - Former co-founder of the collapsed crypto hedge fund Three Arrows Capital (3AC), Kyle Davies, has publicly stated that he harbors no regret regarding the fund’s bankruptcy.
What Happened: In an interview on the Unchained Podcast, aired on March 19, Davies said, “Am I sorry for a company going bankrupt? No, like companies go bankrupt, almost every company goes bankrupt, right?”
In his words, “We're definitely trying our best. 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.”
Founded in 2012 by Davies and Su Zhu, 3AC was impacted by the mid-2022 crypto market crash, precipitating the hedge fund’s insolvency. This financial distress led to legal proceedings commencing in the British Virgin Islands and extending to Singapore and the U.S.
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Why It Matters: Davies’ former partner, Zhu, encountered legal troubles — including an arrest at Singapore airport in September 2023, which led to a four-month prison sentence released early for good behavior — Davies remained relatively unobstructed by legalities.
Davies explained that neither he nor Zhu had been aware of a scheduled court date, which led to Zhu’s arrest for contempt of court.
Addressing his legal representation, Davies said, “Maybe we should (sack our lawyers for not informing us about the court date).”
After renouncing his U.S. citizenship for Singapore citizenship, Davies has not re-entered Singapore to face the sentence meted out to Zhu and doesn't plan to “immediately.” He speaks of a future settlement and returns to the U.S., where his family resides.
Price Action: At the time of writing, the price of Bitcoin (CRYPTO: BTC) was $66,982 up 7.71% in the last 24 hours, according to Benzinga Pro.
Photo by Matt Benzero on Shutterstock
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