Three Arrows' strategy involved borrowing money from across the industry and then turning around and investing that capital in other, often nascent, crypto projects. The firm had been around for a decade, which helped give founders Zhu Su and Kyle Davies a measure of credibility in an industry populated by newbies. Zhu also co-hosted a popular podcast on crypto.
”3AC was supposed to be the adult in the room,"
I didn’t realize they had been around for so long. Crazy that things could go so wrong so quickly for them, and that their downfall had such an impact on the wider crypto market. This bear market is certainly one for the history books.
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