In a recent episode of the Unchained Podcast, Kyle Davies, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), displayed an unrepentant attitude towards the billions lost by investors. Despite facing criticism and legal implications, Davies remained resolute in his stance, expressing no remorse for the collapse of 3AC.
Lack of remorse and plans
Davies, known for his involvement in the crypto industry, laughed off the notion of regret over the company’s bankruptcy, stating, “Am I sorry for a company going bankrupt? No.” He further dismissed the backlash on social media, asserting the resilience of his professional reputation.
Regarding his whereabouts, Davies remained evasive, claiming to be in Europe while previously stating residence in Portugal. His avoidance of returning to Singapore, where legal ramifications await, hinted at his intent to circumvent potential jail time.
Despite the fallout from 3AC, Davies and Zhu announced the launch of OPNX in April 2023, described by Davies as “very impressive.” However, the venture proved short-lived as OPNX announced its cessation of operations on Feb. 1, 2024, culminating in a complete shutdown by Feb. 14.
Allegations and legal proceedings
Allegations from Teneo, the firm overseeing 3AC’s liquidation, accused Davies and Zhu of non-cooperation, exacerbating the legal quagmire surrounding their activities. Subpoenaed on Jan. 5, 2023, via Twitter messages, the duo faced scrutiny for their avoidance of communication with authorities and perceived lack of cooperation with liquidators.
Davies refuted these claims, attributing them to the liquidator’s attempts to portray them negatively in pursuit of fund recovery. He downplayed the severity of the allegations, asserting their cooperation with relevant authorities.
Kyle Davies’ unapologetic demeanor amidst the scandal surrounding Three Arrows Capital’s collapse highlights the complexities and controversies within the crypto industry. Despite facing legal and reputational challenges, Davies remains defiant, showcasing a resilience emblematic of the industry’s often turbulent landscape.
