Who is Su Zhu & Kyle Davies?

Su Zhu and Kyle Davies turned 3AC into the most important hedge fund in crypto, but they bet everything on prices only going up. Days before Bitcoin fell decisively below $40,000, and two months before his hedge fund went bankrupt, Su Zhu sat down for an interview in the Bahamas, one shoeless foot tucked under his leg.

Who is Su Zhu?

Days before Bitcoin fell decisively below $40,000, and two months before his hedge fund went bankrupt, Su Zhu sat down for an interview in the Bahamas, one shoeless foot tucked under his leg. An investor as legendary as they come in the decade-old cryptocurrency industry, he had a message that matched his relaxed demeanor.

What surprises you most about 3AC's collapse?

“What surprises me most about 3AC’s collapse was how they were able to amass so much leverage in the first place,” says Ryan Watkins, co-founder of crypto hedge fund Pangea Fund Management.

Did 3AC bet big on Terra & Luna?

3AC also bet big on Terra and its sister coin Luna, which crashed after slipping from its dollar peg in May. Herbert Sim, a Singapore-based investor who tracked 3AC’s wallets, told New York Magazine that 3AC’s holdings went from around $500 million to just $604 in the aftermath of the collapse.