The desire of the founder of the cryptocurrency fund to spend more has now gone bankrupt
The two founders of 3AC are said to have lived more luxuriously than Singapore’s richest billionaires before the crypto fund collapsed.
follow up CNBCSingapore-based Three Arrows Capital (3AC) has raised up to $10 billion. It has assets in US dollars and is considered one of the largest cryptocurrency mutual funds in the world.
3AC was active in the cryptocurrency market for 10 years before it ended and had to file for bankruptcy due to bad investments in Luna and UST. Nick Bhatia, a professor of finance and business administration at the University of Southern California, said 3AC was once considered a “big brother in the industry.” It helps that founders Zhu Su and Kyle Davis are household names with many awards. But now the $10 billion mutual fund has suddenly collapsed and both have disappeared from social media.
The court confirms this chance Access to it reveals Zhu Su and Kyle Davis, 35, lived in luxury before going bankrupt. The two used the company’s money to buy one of Singapore’s most expensive yachts for 50 million. The ship is scheduled to be taken over by Italy in the next two months.
“Davis wanted the yacht to be more spectacular than that of a wealthy Singaporean billionaire. Zhou and his wife used the company’s money to buy two rare wooden mansions in Singapore for $35 million last December,” he said.
Meanwhile, billionaire Ethereum founder Vitalik Buterin commented on Twitter: “There are more ways to spend $50 million to impress than to buy a boat.
daily coin According to authorities, the two 3AC founders may have found a way to shift their assets. Most of their remaining assets are cryptocurrencies and cash. On June 14, 3AC remitted 31 million USDT and 900,000 USDC to Tai Ping Shan Limited in the Cayman Islands. It is a company owned by Zhu and Kelly Kylie Chen.
Meanwhile, court records CNBC Attorneys representing 3AC’s creditors could not be reached for Sue and Davis. Both founders remained silent and did not agree to participate in returning the money to the partner.
According to analysts, the reason for the loss of 3AC could be the failure of the Luna project. In a previous interview with WSJ3AC The company acquired 200 million shares. USD Luna, another has invested up to 560 million. A representative from the Singapore Court went to 3AC’s office and the door was closed. The founders of 3AC reportedly fled in early July, four days after investors called for a US hearing.
Analysts believe Luna’s fall dragged the entire cryptocurrency market down and also hit many common currencies. There is no “too big to fail” in the crypto world – just too big to fail. CNBC Determine