On Monday (26 December 2022), Kyle Davies, Co-Founder of failed Singapore-based cryptocurrency hedge fund Three Arrows Capital (aka “3AC”), shared his crypto predictions for 2023.
3AC, which was founded in 2012 by Kyle Davies and Su Zhu, was “ordered to liquidate on 27 June 2022 by a court in the British Virgin Islands.” According to Wikipedia, it “borrowed billions of dollars to fund its trading, and according to July 2022 bankruptcy filings, faces $3.5 billion in creditors’ claims.”
Per a report by CoinDesk published on 2 December 2022, “liquidators for Three Arrows Capital have seized $35.6 million from the collapsed crypto hedge fund’s bank accounts in Singapore, three months after getting the nod from that country’s High Court to begin probing the firm’s assets in the country. The funds were seized by liquidation firm Teneo (which was appointed by a BVI court).
The CoinDesk report went on to say:
“Liquidators’ task of hunting down and preserving Three Arrows’ remaining assets so that they can be returned to investors isn’t an easy one, and the hedge fund’s founders Kyle Davies and Su Zhu haven’t made it any easier, according to Teneo, which said both men have been uncooperative since the summer.
“Now that Su and Davies have resumed posting on Twitter and talking to the media, liquidators appear to be even more frustrated with their lack of cooperation. According to the hearing presentation, liquidators have had only very limited communication with Su, Davies and their lawyers.“
On 10 December 2022, Mira Christanto, Investment Director at Luno Expeditions, Digital Currency Group’s early-stage venture capital firm, shared her thoughts on the two co-founders of 3AC:
Anyway, on 26 December 2022, Davies shared on Twitter his predictions for the year ahead:
“1) SBF pleads guilty and ~100 ppl are indicted. He serves no days in jail this year. 2) Genesis and Grayscale face class actions. The SEC brings a criminal case against DCG for improprieties between affiliated subsidiaries. 3) CB bonds floor the yield of crypto entities, other lending markets are dead quiet. 4) Binance gains market share, bigots are critical.
“5) Tether maintains its peg, haters hate that it does. 6) Q2 100% dcb catches attention by CT anon shillfluencers before a full retrace. The rally starts much lower than current prices. 7) Dubai and Singapore constructive regs, both remain the major hubs for global crypto. 8) BTC and ETH produce blocks, crypto is not dead.“
Featured Image via Pixabay