One of the co-founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) has reportedly been arrested in an airport in Singapore. According to a new report by The Business Times, 3AC co-founder Su Zhu has been apprehended at the Changi airport as he attempted to leave Singapore. Zhu has received a four-month jail sentence […]
The post 3AC Co-Founder Zhu Su Arrested at Airport, Receives Four Month Jail Sentence for Contempt of Court: Report appeared first on The Daily Hodl.
A regulatory agency in Singapore is hitting the founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) with a nine-year ban a month after they got slapped with a huge fine from authorities in Dubai. In a new announcement, the Monetary Authority of Singapore (MAS) says that 3AC founders Kyle Davies and Zhu Su […]
The post 3AC Founders Kyle Davies and Zhu Su Slapped With Nine-Year Ban by Singapore Regulator a Month After Dubai Fines appeared first on The Daily Hodl.
Crypto hedge fund Galois Capital is shutting down after losing about half of its assets to the FTX disaster. “Given the severity of the FTX situation, we do not think it is tenable to continue operating the fund both financially and culturally,” the fund’s co-founder told investors. Crypto Hedge Fund Shuts Down Due to FTX […]
Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about his new crypto venture, Open Exchange. The exchange aims to provide users with the ability to trade or […]
Paul Veradittakit of Pantera Capital believes now could be a good time for new entrepreneurs to enter the crypto space.
Despite depressed crypto prices and recent company collapses, one of the key investors behind crypto hedge fund Pantera Capital believes there’s never been a better time to start a blockchain company.
As part of a Jan. 23 post about the year ahead from a number of executives at Pantera Capital, Paul Veradittakit, General Partner at Pantera Capital explained that "On average," people working in the crypto space are more educated and passionate about crypto than in previous cycles.
Strong start to the year! https://t.co/gFe5fUM0gT
— paul.nft (@veradittakit) January 23, 2023
Overall, he said, "we are seeing a higher percentage of startups coming to market with strong teams — entrepreneurs coming out of established crypto startups like Coinbase, larger tech companies like Facebook, Uber, and Square, and legacy financial institutions like J.P. Morgan and Goldman Sachs."
The market is still very bearish, with some companies folding and prices recovering lost ground, but Veradittakit believes it's still a worthwhile time to be in the space, citing the billions invested into the space from venture capital firms in the first half of 2022, adding:
"In our experience, bear markets typically represent a time where there is less noise and distraction from building."
"In addition, we've observed that institutions and enterprises are more open than ever before to working with blockchain companies to enhance their businesses," Veradittakit said.
The general partner said he has also observed volume shifting toward highly-regulated exchanges and DeFi-based decentralized exchanges as people try to protect their assets from bad actors, which could inspire the next generation to enter the crypto space.
"With more scrutiny around trust and security, we believe there are opportunities for startups in areas like self-custody, security, insurance, and identity," he said.
Meanwhile, Dan Morehead, the CEO of Pantera Capital, expressed a similar bullish view toward the crypto space, arguing:
"Despite lower prices, I think the space is clearly in a much better position than ever."
According to Morehead, since 2017, developer infrastructure, which was "Practically non-existent back then," has improved dramatically.
"It's just so much easier to write smart contract-based systems now than in the previous cycle," he said.
"Every other area of the stack has improved, whether test suites or automated tools to catch common bugs in smart contracts, to having IDE support for Solidity," Morehead added.
Related: Pantera plans to raise $1.25B for second blockchain fund: Report
Morehead also points to scalability solutions enabling lower transaction fees as a great leap forward for the space, as "decentralized exchanges can't compete with centralized exchanges if fees are too high."
There is still plenty of fear, uncertainty, and doubt (FUD) floating around in the wake of FTX’s collapse and the resulting contagion in 2022 but Morehead believes the industry is still very much alive.
"People were saying, 'crypto is dead', yet I believe it was one of the best times to get in the space, start building serious things, and a great time to deploy capital into crypto. It really is darkest before dawn,” he said.
A seasoned crypto hedge fund with $4.5 billion worth of assets under its management is asserting the superiority of decentralized finance (DeFi) ecosystems. In a new letter penned by CEO Dan Morehead and other executives, crypto hedge fund Pantera Capital says that the DeFi sector is head and shoulders above centralized finance (CeFi) due to […]
The post Veteran $4,500,000,000 Crypto Hedge Fund Says ‘DeFi Is Superior’ – Here’s Why appeared first on The Daily Hodl.
The fall of FTX appears to have brought back certain crypto "villains” out from hiding, one even wants to start a new podcast series.
Three Arrows Capital co-founder Su Zhu looks like he may be attempting a comeback amid the fallout over FTX and Sam Bankman-Fried — seen by some as the crypto industry’s newest supervillain.
After months of radio silence, Su Zhu remerged on Twitter on Nov. 9, the day after FTX revealed it was suffering from a “liquidity crunch.”
As the FTX saga has unfolded, Zhu has continued to post on Twitter, offering sage advice through poetic metaphors, while tweeting veiled criticism of Sam Bankman-Fried and his handling of FTX.
That being a better swimmer led to her death felt bizarre yet obvious
— Zhu Su (@zhusu) November 10, 2022
The better she could swim the more she underestimated nature, how the difference between people is like the difference between grains of sand, just as theres no mighty grain there is also no mighty person
In his latest Nov. 27 Twitter thread Zhu revealed his next steps — the launch of a “long-form video podcast series” that discusses “life, belief systems, and mental health” which will be launched with a collaborator and friend named “Cliff.”
In the tweet, Zhu also makes reference to Allah, a sign some believe means he had converted to Islam.
Cliff and I will launch a longform video podcast series soon discussing life, belief systems, and mental health.
— Zhu Su (@zhusu) November 27, 2022
Allah does not charge a soul except that which is within its capacity.
Recently, Zhu also hinted at creating a new trading firm in a Nov. 22 interview with Bloomberg saying it could be an “all-weather fund” — made to perform reasonably through all market conditions — that invests in traditional financial assets and crypto.
Zhu’s latest quasi-announcement has attracted more criticism than support, however, with many drawing a contrast between his actions at 3AC with the ideologies presented in Islam.
Blogger and nonfungible token (NFT) project founder Foobar asked “what does Allah say about interest-bearing loans?”
Another user pointed out that interest is “haram”, or forbidden under Islamic law.
Su: "sorry brah can't pay back the loan its not Sharia-compliant" pic.twitter.com/QsfJq7aDUL
— vechudnov (@chudnovglavniy) November 27, 2022
Over the last few weeks, the community has noticed a return of so-called “crypto villains” to Twitter following the collapse of FTX.
Related: It’s time for crypto fans to stop supporting cults of personality
Another Three Arrows Capital co-founder, Kyle Davies recently reappeared on Twitter after months of radio silence, posting on Nov. 13 on Twitter that he’d spent the last few months seemingly looking at grass and painting.
He even appeared on CNBC’s Squawk Box program on Nov. 16 to allege Alameda “hunted” 3AC’s positions.
My initial process was to spend my time searching and understanding. Less markets and screens, more grass and painting.
— Kyle Davies (@KyleLDavies) November 13, 2022
I will look to share my understanding to the extent it contributes to good and to light.
Yours Truly, Humbled and Gracious pic.twitter.com/z7YFvQwiRd
Alex Mashinsky, the founder of the bankrupt lending platform Celsius Network has also made a reappearance after FTX’s downfall, appearing in a series of Twitter Spaces over the last few weeks.
In a Twitter Space on Nov. 27 Mashinsky said he “loves the idea” of getting FTX to “pay for the hole” and asked listeners to “make a lot of noise” and convince bankruptcy lawyers for Celsius and its Committee of Unsecured Creditors to sue FTX to pay for Celsius’ cash deficit.
One of the more frustrating parts of the FTX collapse is that all of the previous villains are coming out of woodwork pretending like they are victims.
— Haym (@SalomonCrypto) November 24, 2022
Reminder: we are in this mess because of @KyleLDavies, @zhusu, @stablekwon, @SBF_FTX (others too but remember these 4). https://t.co/ltAd3SeA4H
It’s estimated that Mashinsky, Zhu, and Davies owe creditors around $6.3 billion.
An investment firm with hundreds of billions of dollars worth of assets under its management is reportedly looking to launch a crypto hedge fund by the end of the year. According to a new report by Bloomberg, Man Group, the world’s largest publicly-traded investment company, is planning on rolling out its own digital assets hedge […]
The post $138,400,000,000 Asset Manager Gearing Up To Launch New Crypto Hedge Fund by End of Year: Report appeared first on The Daily Hodl.
According to the co-founder of Galois Capital, the hedge fund manager who warned about the Terra collapse before it happened, half of the hedge fund’s capital is left trapped on FTX. Galois co-founder, Kevin Zhou, wrote a letter to investors explaining the situation and said he was “deeply sorry” about the turn of events. Galois […]
Reports indicate that the bankrupt crypto hedge fund Three Arrows Capital (3AC) is facing more trouble from liquidators and financial authorities from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The whereabouts of the hedge fund’s co-founders Su Zhu and Kyle Davis are still unknown and the court-appointed liquidator plans […]