The co-founder of a collapsed cryptocurrency hedge fund seemed to show no remorse during a Tuesday podcast interview for losing at least $3.5 billion in investor cash.
Co-founder of Three Arrows Capital (3AC) Kyle Davies is currently on the run after allegedly bankrupting his firm, losing all of his investor’s money, according to the New York Post. But these allegations didn’t stop him from appearing on the Unchained Podcast to discuss the situation, where he pretty much laughed at all of it.
“Am I sorry for a company going bankrupt? No. Like, companies go bankrupt, almost every company goes bankrupt, right?” he said explicitly. “It’s how you build or what you do about it. We’re definitely trying our best. We can add value in various ways. At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.”
Davies started the Singapore-based firm back in 2012, managing $18 billion in cryptocurrency assets at its peak, the NY Post noted. The company took a turn in 2022 before being ordered to liquidate by the British Virgin Islands, an order followed by courts in Singapore and the U.S., so Davies and his team could pay back the billions owed to investors. (RELATED: ‘Best Video Ever Made’: Hilarious Cartoon Nails Absurdity Behind Crypto Founder’s Downfall)
Instead, Davies and his business partner Su Zhu decided to go on the run. Zhu was arrested at Singapore’s Changi Airport in September and was sentenced to four months in prison.
FTX keeps looking more and more sus https://t.co/7AVndmOlnq
— Daily Caller (@DailyCaller) November 16, 2022
FTX founder Sam Bankman-Fried, who was convicted of the largest financial fraud in history in 2023, blamed most of 2022’s cryptocurrency collapse on Davies and Zhu’s company.
It’s unclear whether Davies will return to the U.S. any time soon to see his family, nor what repercussions he would face if he did. He suspects none. He missed his court date in Singapore and is suspected of hiding out in Portugal. However, his comments suggest he’s either living on another planet or on a different timeline where his alleged behavior isn’t a huge problem.