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The Rise and Fall of Three Arrows Capital: A History of the Billion-Dollar Encryption Empire
The Rise and Fall of the Encryption Fanatic: The Rise and Collapse of Three Arrows Capital
The co-founders of Three Arrows Capital, Su Zhu and Kyle Davies, met at Andover University, both coming from ordinary families in the suburbs of Boston. Su Zhu is known for his excellent academic performance and diligence, while Davies is distinguished by his proficiency in Japanese. The two continued their studies at Columbia University and subsequently worked at Credit Suisse and Deutsche Bank after graduation.
In 2012, 24-year-old Su Zhu and Davies raised approximately $1 million to establish Three Arrows Capital. The company initially focused on arbitrage in foreign exchange derivatives in emerging markets, profiting from the small differences in quotes between different banks. As the business developed, Three Arrows Capital began to venture into the encryption currency sector and achieved great success during the 2017 cryptocurrency bull market.
Su Zhu actively promoted his "encryption currency supercycle" theory on social media, attracting a large following. The assets of Three Arrows Capital rapidly expanded, reportedly reaching about $10 billion in 2021. The company borrowed extensively to scale up its investments, while Su Zhu and Davies also began to enjoy a wealthy lifestyle, purchasing mansions and private yachts.
However, there seems to be a problem with the risk management of Three Arrows Capital. In early 2022, the company invested $200 million in the Luna project, but Luna suddenly collapsed in May, causing huge losses for Three Arrows Capital. Subsequently, the company began to borrow from various sources to maintain operations, but ultimately stopped repaying debts and filed for bankruptcy in mid-June.
The collapse of Three Arrows Capital triggered turmoil in the entire encryption market, leading to the evaporation of over $1 trillion in market value. Su Zhu and Davies subsequently went missing and are believed to have fled to Dubai. Regulators are investigating whether the company engaged in fraudulent activities. This incident has exposed the systemic risks in the encryption industry and has also caused significant losses for many investors.