The Tale of Three Arrows Capital: The Rise & Fall of Crypto?s Most Iconic Hedge Fund
The story of how one cryptocurrency hedge fund kept getting it right until it didn?t.
The post The Tale of Three Arrows Capital: The Rise & Fall of Crypto’s Most Iconic Hedge Fund appeared first on LUXUO.
In 2018, leaning back against a well-cushioned leather sofa in a seaside bungalow in Sentosa Cove belonging to another cryptocurrency mogul, Su Zhu was basking in the aura of his power and influence as he nursed a 21-year-old whiskey at a ?crypto insiders? party.
For Zhu, this was his moment of peak crypto.
Surrounded by hangers-on trying to pitch him their latest project, Zhu largely ignored the cacophony of voices that were droning around him as he sipped his drink.
Zhu and Kyle Davies, former high school classmates and founders of 3AC, a Singapore-based cryptocurrency hedge fund, had just secured an early investment in Terra Luna, giving them access to hundreds of millions of dollars? worth of Luna tokens.
For 3AC, the investment in Terra Luna was made more special by the fact that some of the biggest names in crypto were also backing the algorithmic stablecoin project, including Galaxy Digital, whose CEO Mike Novogratz would soon go on to tattoo the Luna logo on his upper arm (a tattoo that would unfortunately not age well) and Pantera Capital.
Terra Luna also counted Lightspeed Venture Partners, Coinbase Ventures and Jump Crypto as backers, cementing 3AC?s status as a major player in the digital asset scene.
By the time that Zhu and Dav...
The post The Tale of Three Arrows Capital: The Rise & Fall of Crypto’s Most Iconic Hedge Fund appeared first on LUXUO.
In 2018, leaning back against a well-cushioned leather sofa in a seaside bungalow in Sentosa Cove belonging to another cryptocurrency mogul, Su Zhu was basking in the aura of his power and influence as he nursed a 21-year-old whiskey at a ?crypto insiders? party.
For Zhu, this was his moment of peak crypto.
Surrounded by hangers-on trying to pitch him their latest project, Zhu largely ignored the cacophony of voices that were droning around him as he sipped his drink.
Zhu and Kyle Davies, former high school classmates and founders of 3AC, a Singapore-based cryptocurrency hedge fund, had just secured an early investment in Terra Luna, giving them access to hundreds of millions of dollars? worth of Luna tokens.
For 3AC, the investment in Terra Luna was made more special by the fact that some of the biggest names in crypto were also backing the algorithmic stablecoin project, including Galaxy Digital, whose CEO Mike Novogratz would soon go on to tattoo the Luna logo on his upper arm (a tattoo that would unfortunately not age well) and Pantera Capital.
Terra Luna also counted Lightspeed Venture Partners, Coinbase Ventures and Jump Crypto as backers, cementing 3AC?s status as a major player in the digital asset scene.
By the time that Zhu and Dav...
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