3AC co-founder ‘not sorry’ about crypto hedge fund bankruptcy

Kyle Davies is the co-founder of Three Arrows Capital (3AC), which is currently in bankruptcy. Recently, he spoke on the Unchained Podcast about how he is viewed by the crypto community and why he’s not sorry about the crypto hedge fund’s bankruptcy two years ago. He also shared his experiences in prison.

Where is Kyle Davies?

In 2022, 3AC occupies an important position in the industry. The once-thriving crypto hedge fund quickly collapsed after Terra plunged, sending the entire crypto market into chaos.

Since then, Kyle Davies and Su Zhu, the founders of 3AC, have faced legal repercussions and widespread public scrutiny. The two founders were sentenced to four months in prison for failing to cooperate with the 3AC bankruptcy investigation.

After Su Zhu’s arrest, Davies refused to surrender to the Singaporean authorities and is still free. In an interview with Laura Shin on the Unchained Podcast, the co-founder revealed how he circumvented a four-month jail sentence.

According to Davies, Su Zhu's detention came as a surprise to both of them because neither of them allegedly received notice of the court date, resulting in missing the time to appear in court. Their lawyers appear to have made the mistake of not notifying them of the court date.

Davies was surprised by Su Zhu's experience in prison, as he spent time "meditating and helping others." While it's not exactly the same plot as in the movie, the Fugitive co-founder has no immediate plans to return Singapore unless the authorities "eliminate contempt".

However, Davies hopes to reach a settlement with the Singaporean authorities:

"I wouldn't go back immediately. But obviously, these things eventually get resolved and they get reconciled, and those are common tactics. So, I know people try to get a settlement through pressure and demands or whatever. But at the end of the day, All of these things will be addressed.”

The 3AC co-founder also believes that although he has renounced his U.S. citizenship, his entry into the United States should not be a problem. However, Davies did not reveal his current location, other than confirming he was somewhere in Europe, saying revealing the exact location "would be problematic."

No apology for the cryptocurrency community

During the interview, Shin asked the cryptocurrency community what they thought of Davies’ lack of apparent “remorse.” The co-founder spoke about his “reputation” and refused to apologize for the crypto hedge fund debacle:

"Am I sorry that a company went bankrupt? No, like a company goes bankrupt, almost every company goes bankrupt, right?

Davies said it was important not to focus on the mistakes that had been made, but "how you framed them or how you responded to them". He claims that for those who think negatively about him or 3AC's bankruptcy, most of them were not actually affected by it.

Nonetheless, according to Davies, Su Zhu and he can serve as role models and advisors to companies facing similar challenges, Davies said:

"We're definitely trying to do our best. There are many ways we can add value. At the very least, we can even tell the next Three Arrows how to do better when they go bankrupt."

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