For the first time since the company’s collapse, the two co-founders of the crypto hedge fund 3AC discussed the firm’s financial woes.
for bankruptcy protection, leveraging the Chapter 15 process in order to protect the company’s assets in the United States.
“That does not mean that we haven’t been communicating with all relevant authorities,” the 3AC co-founder told Bloomberg. “We have been communicating with them from day one,” he added. Davies stressed that the entire ordeal was unfortunate and the duo is aware a lot of people lost funds. Davies remarked:The 3AC co-founders explained that prior to the collapse they were extraordinarily bullish and had put a number of trades on leverage expecting a market turnaround.
“We were never seen in any clubs spending lots of money. We were never seen, you know, kind of driving Ferraris and Lamborghinis around,” Zhu explained. “This kind of smearing of us, I feel, is just from a classic playbook of, you know, when this stuff happens, when funds blow up, then you know, these are kind of the headlines that people like to play.”
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