Key Takeaways:
- Kyle Davies, co-founder of Three Arrows Capital (3AC), has publicly stated he does not feel personally responsible for the firm’s bankruptcy, despite facing $3.3 billion in creditor claims.
- Despite an arrest warrant in Singapore for contempt of court, Davies refuses to return, choosing instead to reside between Europe and Asia, and shows no interest in serving jail time in Singapore.
- Following the collapse of 3AC, Davies’s subsequent ventures, including 3AC Ventures and OPNX, a derivatives exchange, have also failed, further highlighting his string of unsuccessful business activities post-3AC.
Kyle Davies, the co-founder of the now-defunct Singaporean hedge fund Three Arrows Capital (3AC), has openly dismissed any personal accountability for the firm’s downfall.
In a revealing conversation on the March 19 episode of the Unchained Podcast, Davies expressed his indifference towards the bankruptcy of 3AC, despite the firm grappling with claims from creditors totaling $3.3 billion:
Grinning failed crypto hedge fund owner Kyle Davies shows no remorse after losing $3.5B in investor cash: ‘Every company goes bankrupt’ https://t.co/bCd85VPTAq pic.twitter.com/H5zOHcdqzh
— New York Post (@nypost) March 21, 2024
“Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time,” Davies commented.
He suggested that his experiences could serve as a cautionary tale, advising future firms on how to navigate bankruptcy more adeptly.
Adding to his controversial stance, Davies, who faces a Singaporean arrest warrant for contempt of court, has declared his refusal to return to Singapore.
Identifying as a Singaporean national, he mentioned that he currently splits his time between Europe and Asia, with no plans to serve jail time in Singapore.
This detail might catch the eye of regular Asia Express readers, especially since Davies did not hint at any plans to revisit the Middle East, where his notorious Dubai-based chicken restaurant is situated.
Davies’s escape from legal repercussions comes amidst the failure of his ventures post-3AC.
His collaborative business endeavors with Su Zhu, another co-founder of 3AC, have notably faltered.
NEW: “Am I sorry for a company going bankrupt? No, like almost every company goes bankrupt, right?
— Bitcoin News (@BitcoinNewsCom) March 21, 2024
We can add value in various ways. We can even tell the next Three Arrows how to do things better when they go bankrupt,” says Three Arrows Capital co-founder Kyle Davies 👀 pic.twitter.com/yNraWPAEnS
Their initiative, 3AC Ventures, has disappeared from the online realm as of this report.
Furthermore, OPNX, a derivatives exchange launched by Davies and Zhu in April 2023, ceased operations earlier this year, marking another setback in their series of entrepreneurial ventures.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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