The "magical experiences" of failed Singapore crypto fund dons
Crypto founders aren't what they used to be. Sam Bankman Fried finally burst the bubble, but his predecessors also helped deflate the hype.
Case in point, Su Zhu and Kyle Davies: the founders of crypto hedge fund Three Arrows Capital. The Singapore based fund imploded last year and ostensibly brought the crypto market crashing down with it. Zhu and Davies didn't seem much moved by the events, they instead opted to focus on recreational drugs and luxury holidays, according to a recent article from the New York Times.
Davies took up painting and magic mushrooms, Zhu took up surfing and made friends with MMA fighters. As for their $50m yacht, the 'Much Wow', that was sold to a different buyer after the shipbuilder cancelled the contract.
Davies said their time in Bali consisted of "eating very fatty pork dishes," drinking "a lot of alcohol" and meditating. He called these "magical experiences." Zhu meanwhile returned to his $35m good class bungalow in Singapore.
Not content to vanish from the industry, the two men have been busy planning the launch of Open Exchange, a platform for people to buy and sell claims to bankruptcy estates of dismantled crypto firms. Yes... this could include Three Arrows Capital too.
Prior to launch, Open Exchange operated under a different code-name, GTX, a play on Bankman-Fried's collapsed giant. Zhu said he "just thought it was very funny." 😐
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