Crypto fugitive Kyle Davies has continued to publicly engage in degenerate gambling – as if his crypto hedge fund Three Arrows Capital would never have wiped out some $10 billion in value for investors in 2022.
Davies and his business partner Su Zhu are facing more than $3.5 billion in creditor claims after their now-bankrupt fund, Singapore-based Three Arrows Capital (3AC), crashed during the 2022 crypto crisis.
This doesn’t stop Davies from trying to pass himself off as a master trader and placing his latest crypto bets on
In a post on April 17, Davies shared a screenshot of his portfolio next to Zhu’s on OX.FUN, a crypto exchange where users can copy the trades Davies and Zhu make.
“It’s not over until the fat lady sings,” wrote Davies, who appeared to boast that he was doing better than Zhu, even though both men’s portfolios had plummeted at the time.
This led some to wonder if their poor performance was a hint as to why 3AC ultimately failed.
Kyle Davies’ post on
Davies (pictured) co-founded Three Arrows Capital with Su Zhu in 2012
Davies (left) and Zhu (center). At its peak, the fund managed around $18 billion, but suffered heavy losses when the cryptocurrencies LUNA and Terra collapsed.
Many see this as a complete slap in the face because of Davies’ unwillingness to apologize for the 3AC fraud or extradite themselves to Singaporean authorities, who sentenced Zhu and Davies to four months in prison in September.
Zhu served his sentence and was released in December 2023, while Davies has managed to avoid it since the beginning.
Therefore, it is not surprising that X-users were quick to attack Davies for his tone-deaf post.
One user clapped back in the comments, writing, “It’s not over until you’re in jail.”
Another said: ‘Is this why 3AC went up?[?]’
Sam Bankman-Fried, the founder of another fraudulent crypto firm FTX, was also mentioned in the replies.
“You mean this fat lady?” one user wrote, paired with a particularly unpleasant GIF of Bankman-Fried.
Another added: ‘You can’t make money trading, you can’t leave Bali or you’ll be arrested. Talk about a difficult situation!’
Laura Shin (pictured left) interviews Davies about 3AC and why he has no regrets about its collapse
Last month, Bankman-Fried was sentenced to 25 years in prison for stealing $8 billion of his clients’ money
The rest of the people in the replies to Davies’ tweet either laughed at him, told him to “get out of crypto,” or told him to “read the room.”
Last month, Bankman-Fried was sentenced to 25 years in prison for stealing $8 billion of his clients’ money.
And finally, someone said the obvious to Davies.
‘You [sic] both down, don’t [sic] to celebrate.’
The rest of the people in the replies to Davies’ tweet either laughed at him, told him to “get out of crypto,” or told him to “read the room.”
As of Sunday, Zhu’s investments have returned to the green, while Davies is still deeply in the red, according to OX.FUN’s. website.
The collapse of 3AC in June 2022, which was caused when the crypto tokens LUNA and Terra went to zero, is seen as the start of what the industry calls a ‘crypto winter’.
Davies (left) has still not been arrested and has not admitted guilt
The two founders are hard at work before the crypto fund collapsed in 2022
Shortly after 3AC went bankrupt, cryptocurrency lender Voyager went bankrupt because 3AC could no longer make repayments the $666 million in loans it owed themaccording to the Wall Street Journal.
Months later, the crypto market failed to recover and in November 2022, Bankman-Fried’s FTX blew up.
The cycle continued again with BlockFi, which collapsed after FTX failed to make up the hundreds of millions it borrowed from the cryptocurrency lender.
Crypto managed to make a small comeback in early 2024 when Bitcoin hit its all-time high of $75,830 on March 14, 2024, according to Investopedia.
The largest cryptocurrency in the world is approximately $64,700.
In addition to placing their trades on The stock exchange closed in February.
So far, Davies has not been arrested and his location remains unknown.