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Zhu chiseled himself down to about 11 percent body fat and posted his shirtless updates on Twitter. Showing photos of the side-by-side mansions, Zhu told friends he had purchased his new seven-bedroom property a 17,000-square-foot compound that looks like a fortress with hedge-lined fences and imposing Roman columns from the consul of Azerbaijan. The thing about outsized voices is they usually dont last very long if theyre used too much, Davies said. They grokked the game, and the plan worked perfectly until it didnt. That is the direction that a lot of crypto is headed in.. Parents and patients are now refuting her key claims. The authorities are also taking a closer look at Three Arrows. www.threearrowscap.com. Its a simple-looking car but costs about as much as a Lamborghini. We werent the best of friends all the way through, he said on a crypto podcast in 2021. The court documents revealed that 3AC owes its creditors a total of $3.5 billion to 25 different companies, including $2.3 billion to Genesis, a crypto trading and lending company under the Digital Currency Group umbrella. With a few billion dollars under management, it was far from massive by Wall Street standards. The property is a Good Class Bungalow (GCB) in the Kilburn Estate Area. I was sitting there scratching my head, Walsh recalls. Only thing that matters is how many coins you have now. Davies had stayed on at Credit Suisse, but by then both were tiring of the big-bank life. What is Zhu Su's net worth in 2022? That year, the fund began reaching out to industry peers with what it described as a rare opportunity. The yacht has since become the subject of endless memes and jokes on Twitter, the functional center of the crypto universe. On Twitter, Zhu regularly blasted out bullish appraisals of GBTC, at various points observing it was savvy or smart to be buying it. *Sorry, there was a problem signing you up. Davies and Zhu attended high school together, then studied at Columbia University in New York before joining Credit Suisse as derivatives traders in Tokyo. Then it pulled $17 million worth of Ethereum off crypto exchange FTX, moving most of it onto decentralized crypto lending protocol Aave. (Multiple emails to them and their lawyers requesting comment went unreturned, except for an automatic reply from Davies that reads, Please note I am out of office at this time.) For an industry constantly defending itself against accusations that cryptocurrency is, at its heart, a scam, Three Arrows seemed to prove the antagonists point. But Zhu wasnt just any laser-eyed crypto trader. Sign uphere. This strategy, however, resulted in the fund only earning fractions of a cent for each dollar that was traded. The success gave him a new confidence. The 31,000-square-foot home was constructed in 1990, title data shows, and was only sold once, to Zhu. King Charles Evicts Harry and Meghan From House They Dont Live In. With his schoolmate Kyle Davies, he ran Three Arrows Capital, one of the largest crypto hedge funds in the world. Still, crypto enjoyed a bull run that lasted into April, with bitcoin hitting a record above $60,000 and dogecoin, a cryptocurrency started as a joke, rocketing off on an irrational Elon Muskboosted rally. United States District Court for the Northern District of California, "Crypto hedge fund Three Arrows Capital plunges into liquidation", "Crypto Hedge Fund Three Arrows Files For Chapter 15 Bankruptcy", "Singapore-based crypto hedge fund's cryptic tweet fuels speculation over losses", "Battered Crypto Hedge Fund Three Arrows Capital Considers Asset Sales, Bailout", "Ethereum ($ETH), Not Bitcoin ($BTC), Favorite for These Crypto Whales", "Three Arrows Liquidators Seize $40 Million as Asset Probe Widens", "Founders of $10 Billion Crypto Hedge Fund Have 'Ghosted' After Bets Go Bad", "The Crypto Geniuses Who Vaporized a Trillion Dollars", "Cryptocurrency 'bloodbath' threatens multibillion-dollar hedge fund", "Crypto Hedge Fund's Tweet Fuels Speculation Over Losses", "Silicon Valley bets on crypto projects to disrupt finance", "Three Arrows Capital's Zhu Su speaks out after $400 million liquidation due to Celsius and Terra's LUNA fiasco", "Three Arrows Capital Invests In Worldcoin", "Three Arrows Capital Invests In BlockFi After Its Series B Round", "WOO Network raises $30M Series A from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, and others", "A major crypto hedge fund is wobbling as $10 billion Three Arrows Capital sees a spate of liquidations", "What Happened to TerraUSD's Bitcoin Reserves", "Some investors got rich before a popular stablecoin imploded, erasing $60 billion in value", "Three Arrows Capital Moving Headquarters to Dubai From Singapore", "Dubai regulator says 3AC does not have a license to operate in the emirate", "Why cryptocurrencies have gone from the next hot thing to a full-on meltdown", "Terraform Again Halts Blockchain Behind UST Stablecoin, Luna", "YCharts GBTC Discount or Premium to NAV", "Patterson v. TerraForm Labs Pte Ltd. et al", "MAS Reprimands Three Arrows Capital for Providing False Information and Exceeding Assets Under Management Threshold", "US Regulators Probing Bankrupt Crypto Hedge Fund Three Arrows Capital", "Crypto hedge fund Three Arrows fails to meet lender margin calls", "Crypto Broker Voyager Digital Says Three Arrows Capital Hasn't Repaid $666 Million in Loans", "Crypto hedge fund Three Arrows Capital in default on $665 million loan", "Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate", "Three Arrows liquidators asks U.S. court to force crypto founders to cooperate", "Crypto hedge fund Three Arrows files for bankruptcy", "Crypto Crash Leaves NWSL Players Empty-Handed as League Mulls Cash Payout", "Cryptocurrency broker Voyager Digital files for bankruptcy protection", "Crypto hedge fund's collapse leaves behind angry lenders and a $150 million "Much Wow" yacht", "Three Arrows Founders' Whereabouts Are Unknown, Foiling Liquidators", "3AC-BVI-Liquidation-Recognition-1st-Affidavit-of-Russell-Crumpler-Filed", "Three Arrows Founders Break Silence Over Collapse of Crypto Hedge Fund", https://en.wikipedia.org/w/index.php?title=Three_Arrows_Capital&oldid=1142176472, Singaporean companies established in 2012, Financial services companies established in 2012, Companies that filed for Chapter 11 bankruptcy in 2022, Pages containing links to subscription-only content, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 23:07. Davies is one of the two co-founders of the bitcoin hedge fund Three Arrows Capital. With the news that Three Arrows Capital (3AC) must liquidate, co-founder Kyle Davies may be facing a severe hit to his wealth. The next day, Odell reached out to Davies directly, who tersely reassured him that everything was fine. Known locally as a Good Class Bungalow, these luxurious detached houses are home to Singapores elite. The GBTC position ate an ever-larger hole in 3ACs balance sheet, and much of its capital was tied up in restricted shares in smaller crypto projects. Teneo has been appointed as "joint liquidators" of Three Arrows Capital through the court order. Su was the smartest person in our class, remembers a fellow student. Offers may be subject to change without notice. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Bankman-Fried Should Have Only Flip Phone, Website Whitelist, DOJ Says, With Congress Impotent, Courts Are the Only Option for Fighting SEC Overreach, Silvergate Closes SEN Platform Institutions Used to Move Money to Crypto Exchanges, Binance.US Is Operating 'Unregistered Securities Exchange,' SEC Official Says. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. An investor as legendary as they come in the decade-old cryptocurrency industry, he had a message that matched his relaxed demeanor. Zhu, who turns 35 in April, was born in China, moved to the U.S. at age 6, and has been a citizen of Singapore since 2016. They built social-media cred by playing the part of billionaire financial geniuses, translated that to actual financial credit, then put billions of dollars in borrowed money to work in speculative investments they could cheerlead to success with their large, influential platforms. In early 2021, a fund called Warbler Capital, managed by a 29-year-old Chicago native, was trying to raise $20 million for a strategy that largely involved outsourcing its capital to 3AC. Were very much middle-class guys. Neither were they especially popular. But the court documents reveal creditors stopped hearing from Three Arrows in the weeks leading up to the filing. In Zhus view, Three Arrows was doing anyone who worked for it a favor. In the middle of June, a month after lunas collapse, Davies told Charles McGarraugh, chief strategy officer at Blockchain.com, that he was trying to get a 5,000 bitcoin loan then worth about $125 million from Genesis to give to yet another lender to avoid liquidating its positions. However, the whereabouts of Su and Davies remains unknown as their creditors seek $3.5 billion. They diversified into options, equities and crypto after bigger and better firms came in and were better than us in FX emerging-markets trading, Davies said. He is a regular contributor to CNBC, Bloomberg, and other financial news outlets. The one story you shouldnt miss today, selected by, This site is protected by reCAPTCHA and the Google, Biden Chooses Crime Messaging Over D.C. Home Rule. . (Still, 3AC traders were highly sought after in the industry; before the funds collapse, Steve Cohens hedge fund, Point72, was interviewing a team of 3AC traders to potentially poach for its systematic trading unit.). We positioned ourselves for a kind of market that didnt end up happening, Zhu says, while Davies adds, In the good times we did the best. But hedged strategies tend to spin off the most money when executed at scale, so Three Arrows began borrowing money and putting it to work. The Key Moments From Alex Murdaughs Testimony and Murder Trial. Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block.Three Arrows Capital was one of the largest hedge funds in crypto until last year's collapse of the Terra ecosystem left it facing significant losses. Just as the firm reaped the rewards when there was a premium, it felt the pain when GBTC began trading at a discount to bitcoin. After working in the financial industry for a number of years, Su Zhu co-founded Three Arrows Capital in 2012. UPDATE (July 1, 2022, 17:42 UTC): Added source attribution. This was obviously one of those trades you want to be the first one in, and you desperately dont want to be the last one out. Colleagues now say Three Arrows hung in its GBTC position because it was betting the SEC would approve GBTCs long-anticipated conversion to an exchange-traded fund, making it much more liquid and tradable and likely erasing the bitcoin price mismatch. Zhu and Davies kept the inner workings of the firm cloaked in secrecy. Following the sharp sell-off in the crypto world that wiped billions of dollars from the market, Zhu Su's hedge fund Three Arrows Capital appears to have run into a host of liquidity problems. Su Zhu, co-founder of beleaguered digital assets fund Three Arrows Capital, is selling a home he purchased in Singapore in December. (In June, the SEC rejected GBTCs application.). Verified account Protected Tweets @; Suggested users Its part of campaign to smoke out and then attack unpopular Republican cuts. I got two kids, so its just like wake up, play with your kids, go to work, go to the gym, come back, put them to sleep. Now theyre among the worlds biggest crypto holders with a portfolio worth billions of dollars. It filed for Chapter 15 bankruptcy on July 1 .
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