Two founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) will donate “future earnings” to creditors who lost their money after last year’s explosion. One of them, Kyle Davies, spoke Monday at Twitter Spaces hosted by Mario Nafwal
Kyle Davies described the plan as a “shadow recovery process” in addition to an ongoing liquidation process that is attempting to recover value from the bankrupt company and distribute it to creditors. In fact, some of the first creditors have been restored to some extent.
Hedge fund manager said He and his co-founders believe in “karmic fruits” and these additional donations will help strengthen the recovery process through a formal process.
However, 3AC’s liquidators don’t seem to think so. by saying
“The founder of Three Arrows deliberately ignored multiple requests to assist in this process after initiating a manual liquidation. And the court records provide a clear picture of how they hindered the recovery of creditors,” said a spokesman for Teneo, liquidator 3AC, when asked to comment on Davies’ remarks.
“Instead they give their creditors hope for future income from their new venture. We encourage founders to be more involved in the ongoing court-ordered activities.”
“The one thing we really believe in is karma,” and there is “something bigger than all of us,” Davies said on Twitter Spaces.
Asked about OPNX’s progress on Twitter, Spaces Davies said, “It’s been a journey,” and they see about $50 million in daily trading volume right now.
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