3AC founder Kyle Davies ‘not sorry’ for company’s bankruptcy
Kyle Davies, co-founder of the hedge fund Three Arrows Capital, gave an extensive interview to journalist Laura Shin.
In a conversation with Shin, Davies explained how the Three Arrows Capital (3AC) bankruptcy case is progressing, discussed other problems with regulators in different countries, and revealed what he was doing after the fund’s collapse.
When asked about the progress of the 3AC bankruptcy proceedings, Davies replied that he recently met with the liquidator Teneo, and now he regularly meets with the fund’s creditors.
“I do expect some sort of settlement at some point. In addition to that, a number of creditors just choose to participate.”
Kyle Davies, 3AC founder
Davies hinted that there would be positive statements from all sides when a settlement was reached. According to the 3AC co-founder, the media has simply been exaggerating what is happening around 3AC while the liquidator is trying to obtain the maximum benefit for this state.
In addition to meeting with the liquidators, Davies noted that he continues to work in the crypto industry, believing he can still contribute despite Three Arrows Capital’s collapse. He said he is still young and learning and thought he could help the next 3AC avoid similar mistakes by sharing lessons from his experiences.
Davies also remained passionate about some of his ongoing ventures in areas like bankruptcy reform, seeking to continue positively contributing to crypto through these new projects.
“Am I sorry for a company going bankrupt? No, like, companies go bankrupt, almost every company goes bankrupt, right? It’s how its weight is, what you do about it, what and how you like to build it, and what you do about it. Right? And we’re trying our best.”
Kyle Davies, 3AC founder
Singapore-registered cryptocurrency hedge fund 3AC filed for bankruptcy in July 2022 as it could not meet its creditors’ demands amid a massive market downturn. In 2021, the fund had $10 billion in assets under management, and by April 2022, that amount had dropped to $3 billion and continued to decline until it declared bankruptcy.
