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Kyle Davies Unapologetic Amid 3AC Collapse

Kyle Davies shows no remorse over Three Arrows Capital’s downfall. Facing lawsuits, asset freeze, and shutdown of OPNX, his stance remains defiant.

Claudia Fischer

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Kyle Davies Unapologetic Amid 3AC Collapse

Regardless of the losses worth billions that were suffered by crypto hedge fund Three Arrows Capital (3AC), co-founder Kyle Davies has not apologized. On the Unchained podcast episode, he repeated that he had no misgivings about the fall of 3AC and that the failure should not make him look bad, as bankruptcies have occurred in the business world many times before.

Controversial Statements

During the podcast, Davies ignored the idea of regretting the company’s bankruptcy, stating, “Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time.” He further expressed plans to avoid returning to Singapore, where legal troubles loom, and claimed to be residing in Europe while dodging questions about his whereabouts.

Legal Challenges and Business Ventures

Despite the fallout from 3AC’s collapse, Davies and his co-founder Su Zhu launched OPNX, a hybrid bankruptcy claims platform and crypto exchange, in April 2023. However, the venture abruptly ceased operations in February 2024. Davies dismissed allegations of non-cooperation with liquidators, attributing them to the liquidator’s efforts to recover more funds.

Ongoing Legal Battles and Financial Freeze

Legal battles persist for Davies and Zhu, with a British Virgin Islands court freezing $1.14 billion worth of their assets in December.

Also Read: Three Arrows Capital’s Liquidation: Estimated 46% Creditor Recovery

Teneo, overseeing 3AC’s liquidation, seeks to recover $1.3 billion directly from the co-founders, alleging misuse of investor funds. Meanwhile, Singapore‘s central bank issued nine-year prohibition orders against Davies and Zhu for violating securities laws.

Positive Outlook Amid Turmoil

Despite the turmoil, Davies remains optimistic about potential settlements with creditors and continues to engage with liquidators and creditors regarding the 3AC bankruptcy proceedings.

He believes the media exaggerates the situation while liquidators aim to maximize returns for stakeholders. Davies also expressed a desire to contribute positively to the crypto industry through ventures in bankruptcy reform and other projects.

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