Why did Zhu & Davies put 3AC on a trade?

Zhu and Davies, long among the most vociferous crypto bulls in an industry known for extremes, put on trades – turbocharged by leverage – that put 3AC at the center of a series of implosions that convulsed the crypto market as prices retreated this year from their highs last fall.

Who owns 3AC?

In retrospect, 3AC has always been a mystery. The fund itself is in the British Virgin Islands, and the company is licensed in Singapore to manage other people’s money. But Zhu and Davies have always maintained that the pot—all $3 billion of it, from what Davies told the Journal— is entirely theirs.

Who are Su Zhu & Kyle Davies?

After five weeks in hiding, the disgraced founders of Three Arrows Capital spoke extensively about the spectacular implosion of their once high-flying hedge fund, saying their bungled crypto speculation unleashed cascading margin calls on loans that should never have been made. Su Zhu and Kyle Davies, both 35, first became friends in high school.

What is 3AC & why is it so popular?

3AC was credited with kickstarting a heady period in the market that became known as “NFT summer” when it swept the floor on the CryptoPunks NFT collection, but Zhu and Davies didn’t stop at Ethereum’s most prestigious avatars.