- Three Arrows Capital co-founders Su Zhu and Kyle Davies spoke out for the primary time since their agency went bankrupt in an interview with Bloomberg as we speak.
- BitMEX co-founder Arthur Hayes took to Twitter to poke enjoyable on the pair over the interview.
- Like 3AC, Hayes has change into identified for his bullish market takes, not too long ago predicting a $1 million Bitcoin within the subsequent 5 years.
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“Didn’t learn the whitepaper tisk tisk tisk,” Hayes mentioned of 3AC’s losses on Terra’s LUNA token.
Arthur Hayes Slams 3AC
One in all crypto’s most beloved pranksters has fired arrows in Three Arrows Capital’s course.
Arthur Hayes has weighed in on the 3AC saga after the bankrupt hedge fund’s co-founders Su Zhu and Kyle Davies broke their silence in a Bloomberg interview as we speak.
“This text is so wonderful I don’t even know the place to start,” the BitMEX co-founder mentioned on Twitter Friday with an accompanying hyperlink to the Bloomberg piece. He then highlighted a number of excerpts of the characteristic that seem to ridicule Zhu and Davies. “Frequent y’all. Su ain’t flashy, he rides his bike to work and to the marina the place his superyacht is moored,” he wrote alongside a screenshot of Zhu denial that he leads an extravagant life-style. “ONLY 2 properties, brah you straight slumming it within the Kampong aka Tanglin.”
Highlighting a quote wherein Zhu mentioned that 3AC “failed to understand that Luna was able to falling to efficient zero in a matter of days,” Hayes took photographs on the agency’s poor due diligence practices. “Didn’t learn the whitepaper tisk tisk tisk,” he wrote. In response to Zhu’s declare that the 3AC disaster recalled the collapse of the normal finance hedge fund Lengthy-Time period Capital Administration, Hayes as soon as once more criticized Zhu and Davies over their responses to Bloomberg. “Whereas this may be the #crypto model of LTCM, the founders of mentioned hedge fund by no means gave an interview fairly like this,” he mentioned. Hayes rounded out his onslaught by paraphrasing an alleged quote that’s been attributed to Zhu within the fallout from the 3AC collapse: “While you owe the lender 1 $BTC it’s your drawback, if you owe the lender 10,000 $BTC it’s their drawback.”
Whereas 3AC has landed in sizzling water and confronted allegations that it evaded liquidators in latest weeks, Hayes himself doesn’t have the cleanest report within the house. In Might, he was sentenced to 2 years probation and 6 months home arrest over BitMEX’s failure to forestall cash laundering. Like 3AC, Hayes has additionally change into one thing of a cult determine within the crypto scene through the years, partly due to his daring worth predictions for property like Bitcoin and Ethereum. He memorably mentioned that Bitcoin may hit $1 million in three to 5 years in an April Medium submit and doubled down on his goal earlier this month, arguing that central bankers would introduce yield curve management measures and trigger a so-called “Doom Loop” wherein fiat currencies collapse and crypto thrives.
Disclosure: On the time of writing, the writer of this piece owned ETH and several other different cryptocurrencies.