Chicken

United

Read

Davies

Dubai

<div class="protos">
 <div>
  <div>
   <div>
    <p>Kyle Davies, the founder of bankrupt Three Arrows Capital (3AC), was recently interviewed on the cryptocurrency podcast Unchained. During the interview, Davies explained how he intends to avoid his prison sentence in Singapore, how he still believes his actions were not fraudulent, and why “Uncle Kyle’s Chicken restaurant” is still unlaunched.&nbsp;</p>
    <p>Davies claimed the pending Singaporean prison sentence was a surprise, blamed his and Su Zhu‘s lawyers for not adequately reminding them about the court date that they missed, and also said that “this is not my full-time job.” Despite their lawyers apparently being responsible for their prison sentences, Davies noted that he has not fired his lawyers, though he did muse that, “maybe we should.”</p>
    <p>Davies also noted that he does not <a rel="noopener noreferrer nofollow" title="intend" href="https://thebittimes.com/tag/intend.html">intend</a> to return to Singapore for as long as the <a rel="noopener noreferrer nofollow" title="prison" href="https://thebittimes.com/tag/prison.html">prison</a> sentence is waiting for him. Davies has also not returned to the United States since the collapse of Three Arrows Capital, but claims that he could if he wanted.</p>
    <p>According to Davies, the only regulatory issue that Three Arrows has had to face, comes from Singapore. Davies also claimed that the lack of further regulatory action is de facto evidence of an absence of fraudulent activity from him and his business partners.&nbsp;</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="VAyqmrF5az">
       3AC targeted by Singapore watchdog, says firm handled too much cash
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“3AC targeted by Singapore watchdog, says firm handled too much cash” — Protos" src="https://protos.com/3ac-targeted-by-singapore-watchdog-says-firm-handled-too-much-cash/embed/#?secret=hmlxg8jYkt#?secret=VAyqmrF5az" data-secret="VAyqmrF5az" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p>Davies challenged those who claim that the financial status of Three Arrows Capital was misrepresented to “prove it” and further claimed that the 3AC due diligence process was “always done per what would make sense at that time,” although he admitted that it was not “really strict”.</p>
    <p>When asked about a payment made in the final hours of Three Arrows Capital to a related entity that liquidators have been unable to track that people have theorized was a payment to the “mob,” Davies denied any association, though he could not describe where the funds went, and then launched into a tirade against the “lamestream” media in which he discussed how important “free speech” was.</p>
    <p>Despite his dedication to free speech, Davies-advised OPNX filed a defamation lawsuit against someone who criticized the company, and the exchange even issued a ‘Justice Token’ to pay out proceeds of settlements from these suits.&nbsp;</p>
    <p>Davies insists that he did not trade while Three Arrows Capital was insolvent.</p>
    <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
     <div class="wp-block-embed__wrapper"><iframe loading="lazy" title="3AC's Kyle Davies on Why He's Crypto's Lloyd Blankfein and Why He's Not Sorry - Ep. 621" width="500" height="281" src="https://www.youtube.com/embed/IEsjWV7GRgY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
     </div>
    </figure>
    <p>Throughout the interview, Davies railed against statements the liquidators have made, often describing them as “posturing” or “bluster” and claiming that both sides are “playing chess.” Davies expressed regret that Three Arrows did not come up with an alternative to bankruptcy, referencing the BFX token that was issued by Bitfinex before confusingly describing it as a “brother or sister firm”.</p>
    <p><em>Read more: </em><a rel="noopener noreferrer nofollow" title="3AC" href="https://thebittimes.com/tag/3ac.html">3AC</a> <a rel="noopener noreferrer nofollow" title="found" href="https://thebittimes.com/tag/found.html">found</a>er <a rel="noopener noreferrer nofollow" title="Su Zhu" href="https://thebittimes.com/tag/su-zhu.html">Su Zhu</a> says <a rel="noopener noreferrer nofollow" title="prison" href="https://thebittimes.com/tag/prison.html">prison</a> ‘good for you’ after four-month stay</p>
    <h2 class="wp-block-heading" id="h-kyle-davies-activities-since-the-collapse">Kyle Davies activities since the collapse</h2>
    <p>Despite not being able to return to Singapore and yet to return to the United States, Davies has found other places where he continues to focus on himself, making sure to note how important it was for him to go to Bali: “If you blow up, go into full liquidation, you go to Bali.”</p>
    <p>Davies has remained very active since the collapse of Three Arrows Capital, including “advising” OPNX, an exchange that was at times intended to trade “fungible” bankruptcy claims and was also intended to be a massive cryptocurrency exchange. OPNX was started with CoinFLEX, another bankrupt cryptocurrency exchange.</p>
    <p>CoinFlex creditors have claimed that these activities have drained assets from the exchange’s estate. Laura Shin, the interviewer, referenced a photoshoot including Davies, Zhu, and Mark Lamb from CoinFlex, which creditors have accused of costing the estate almost $32,000, a fact that Davies claimed was untrue.</p>
    <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
     <div class="wp-block-embed__wrapper">
      <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
       <p lang="en" dir="ltr">The group went on to use CoinFLEX funds to cover their own expenses, such as:<br><br>– 3AC Liquidation Related Legal Fees<br>– The OPNX “World Tour”<br>– A hiring spree to build OPNX and pay themselves exorbitant salaries<br>– A Dubai photoshoot costing $31,500 pic.twitter.com/ZuOudFuvaG</p>— CoinFLEXReal (@CoinFLEXreal) October 26, 2023
      </blockquote>
     </div>
    </figure>
    <p>When asked about claims that he received $25,000 per month from the CoinFLEX estate, Davies denied the source, but not the amount, stating, “I was a billionaire before.”</p>
    <p>Davies also suggested that OPNX’s missteps are mainly due to CEO Leslie Lamb not listening to his “advice.”</p>
    <p>Davies and Zhu are currently advisors to a token project that he describes as a “gamified derivatives platform” that does not disclose its founders or funders. During the interview, Davies was unwilling to disclose that information, claiming that privacy is a fundamental cryptocurrency belief.</p>
    <p>During the course of the interview, Davies never once apologized or indicated remorse for his behavior, insisting that on a long enough timeline, “every company goes bankrupt.”</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3ac-founder-kyle-davies-not-sorry-for-his-actions-intends-to-avoid-prison-tbt82959.html">https://thebittimes.com/3ac-founder-kyle-davies-not-sorry-for-his-actions-intends-to-avoid-prison-tbt82959.html</a></p>

3AC founder Kyle Davies not sorry for his actions, intends to avoid prison

Table of Contents

TheBitTimes

Other articles published on Mar 19, 2024

Advocacy groups file amicus briefs encouraging SEC to write crypto rules

Sygnum Bank Tokenizes $50M of Matter Labs’ Treasury Reserves on zkSync Blockchain

The Power of Q Tokens: Fueling the Q Blockchain Ecosystem

Peter Schiff Warns About Major Bitcoin (BTC) Crash

Bitcoin Halving Prediction: Déjà Vu for BTC Price; The Pre-Halving Peak Pattern Strikes Again!

Ethereum Price Risks $24M Collateral Liquidation If ETH Falls To This Level

Join our free newsletter for daily crypto updates!