Defunct crypto hedge fund Three Arrows Capital (3AC) co-founder Kyle Davies says he’s not sorry he misplaced billions of investor funds and plans to keep away from jail time nonetheless attainable.
On a March 19 episode of the Unchained Podcast, Davies reiterated his lack of regret for the collapse of 3AC and remained adamant that his skilled popularity was nonetheless intact regardless of receiving outsized backlash for his previous misdeeds on social media.
“Am I sorry for a corporation going bankrupt? No. Like, firms go bankrupt on a regular basis,” mentioned Davies, laughing.
“Possibly at a minimal, we may inform the subsequent Three Arrows learn how to do issues higher after they go bankrupt,” added Davies in response to a query about his future plans.
Davies mentioned he would make efforts to keep away from returning to Singapore in a bid to keep away from risking jail time and claimed he was “in Europe” when requested his whereabouts including that he “bounced round between Europe and Asia.”
He claimed to New York Journal final month that he was residing in Portugal.
In April 2023, Davies and Zhu announced the launch of OPNX, a hybrid chapter claims platform and crypto trade. Within the podcast, Davies described the launch of the corporate as “very spectacular” and asserted that he remained a well-respected determine inside the crypto trade.
On Feb. 1, OPNX mentioned it would be ceasing all operations and shutting down utterly by Feb. 14.
Davies additionally claimed the allegations from Teneo — the agency answerable for 3AC’s liquidation — that he and co-founder Su Zhu have been “not cooperating” have been exaggerated.
It was “actually the liquidator’s job” to make it seem as if the pair have been being uncooperative in a bid to get better extra funds, Davies mentioned.
On Jan. 5, 2023, Davies and Zhu have been subpoenaed via Twitter messages as a result of pair avoiding communication with the related authorities and “not yielding passable cooperation” with liquidators on the time.
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On Dec. 21, a British Virgin Islands court docket froze $1.14 billion dollars of worth of Davies and Zhu’s belongings. Teneo has since estimated that 3AC collectors are nonetheless owed roughly $3.3 billion following the hedge fund’s collapse in 2022.
Teneo is presently looking for to get better $1.3 billion straight from Zhu and Davies, claiming they took on vital quantities of leverage with investor funds after 3AC turned bancrupt.
In September final yr, Singapore’s central financial institution issued nine-year prohibition orders to Davies and Zhu over alleged violations of the nation’s securities legal guidelines whereas they operated 3AC.
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