cryptopolitan.com
In a recent episode of the Unchained podcast Kyle Davies, co-founder of the now-defunct Three Arrows Capital (3AC), boldly stated his refusal to apologize for the collapse of the crypto hedge fund.
Kyle Davies challenges notions of remorse amidst 3AC bankruptcy
Davies, known for his unapologetic demeanor, addressed public sentiments regarding his alleged lack of remorse over 3AC’s bankruptcy, stating, “Am I sorry for a company going bankrupt? No, like companies go bankrupt, almost every company goes bankrupt, right?”
Despite facing heavy scrutiny and legal proceedings following the insolvency of 3AC, Davies remained defiant, asserting that it’s not about the bankruptcy itself but rather about how one responds to such circumstances.
He emphasized the potential to add value even in the aftermath, suggesting that they could offer insights to future entities facing similar challenges.
Legal entanglements and evasion tactics
The downfall of 3AC led to legal entanglements that reached multiple jurisdictions, including the British Virgin Islands, Singapore, and the United States. Davies, who renounced his U.S. citizenship to acquire Singapore citizenship, strategically evaded returning to Singapore to avoid serving a four-month prison sentence similar to his co-founder Su Zhu’s. Zhu had been arrested at the Singapore airport in September 2023 for allegedly failing to assist in the liquidation of 3AC’s assets.
During the podcast, Davies revealed that neither he nor Zhu had been aware of a court date, suggesting that their lack of presence led to contempt of court charges. However, Davies refrained from divulging further details about their legal representation, cryptically musing about potential changes in their legal counsel.
Despite having family ties in the United States, Davies remained elusive about his current whereabouts, only hinting at being in Europe without confirming his exact location. His avoidance of Singapore and ambiguous statements about his location underscored his strategic approach to navigating legal challenges.
Dubai Venture and Crypto Exchange reprimand
Davies and Zhu established OPNX, a bankruptcy claims exchange, while in Dubai. However, their venture quickly faced regulatory scrutiny, culminating in a formal reprimand from Dubai’s crypto regulator for operating an unregulated exchange. By February 2024, OPNX was forced to shut down due to regulatory pressure.
Despite the setbacks faced by OPNX, recent developments indicate a resurgence under a new guise. During the ongoing bullish trend in the crypto market, OPNX seemingly reemerged as $LAMB, hinting at a potential revival despite its turbulent past.
Kyle Davies’ unapologetic stance regarding the bankruptcy of Three Arrows Capital has stirred controversy within the crypto community. Amid legal battles and strategic evasion tactics, Davies remains steadfast in his refusal to express remorse.
With OPNX’s resurgence as $LAMB amidst regulatory scrutiny, the saga surrounding Davies and Three Arrows Capital continues to captivate attention, raising questions about accountability and the future of crypto ventures in an increasingly regulated landscape.