Category: NFT News
Infamous Three Arrows Founders Return to Peddle ‘Supercycle’ Narrative
Kyle Davies and Su Zhu are back on Twitter, posting about the current bull run.
The two disgraced founders of Singapore-based hedge fund Three Arrows Capital were spotted today across Crypto Twitter pushing narratives about the bull run that’s just kicking off.
Kyle Davies and Su Zhu returned in full force to crypto’s main social media platform, sparking controversy from still-seething investors after 3AC’s hedge fund collapsed in 2022.
“Supercycle still but you wouldnt blv it (sic),” Zhu tweeted on Feb 26.
Then Friday, in an odd homemade video that ends with Davies chopping wood in flip flops, he referred to the euphoria pervading the current market.
“Just a reminder that a bull run is a marathon, not a race,” Davies said, adding, “Pick your spots, find your alpha’s, make some money.” In the post, he advised his followers to “touch wood.”
Zhu and Davies are re-hashing their optimistic tweets of the past crypto rally as the bullish momentum in token prices continues to pick up, with funds flowing in from Wall Street through spot Bitcoin ETFs. The “Supercycle” was the market thesis driving 3AC through the 2021 bull run, which argued that crypto will never have another bear market, but prices will endlessly trend upwards.
The hubris behind the supercycle propelled 3AC, which managed $10 billion at its peak, to take on debt against funds it didn’t own to place risky bets in projects including Terra. When UST came crashing down, together with other major crypto entities like Celsius and BlockFI, the fund couldn’t meet its obligations.
Zhu also appeared on the popular show Crypto Banter with Ran Neuner. Zhu spoke about the “supercycle” again. The conversation extended into all realms of the crypto industry, spanning airdrops, Worldcoin, the crowded L1 race between Sui, Aptos and Cosmos, restaking protocols, and how Zhu’s new company, OX.fun–a gamified crypto perpetuals trading that spun off its shuttering firm, Open Exchange.
Open Exchange ironically allowed traders to bet on bankruptcy claims from failed cryptocurrency businesses. Its token OX is up 40% today, trading for $0.015, although Coingecko shows no market cap.
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