Founders Feud: Dragonfly Capital’s Haseeb Qureshi and Alexander Pack Clash Over Firm’s Origins

• Who Really Founded Dragonfly Capital?
• What Were Qureshi’s Early Contributions?
• Why Does This Fight Matter Now?
• How Did Dragonfly Research Shape the Firm?
• What’s Next for Dragonfly?
• FAQs

A public spat erupted between Dragonfly Capital’s Haseeb Qureshi and former partner Alexander Pack after Qureshi claimed he "built the firm from scratch." Pack fired back, alleging Dragonfly was already a $100M fund before Qureshi joined. The dispute—playing out on X (formerly Twitter)—reveals tensions over branding, legacy, and who gets credit for the crypto VC giant’s success. With Dragonfly now managing $4B and fresh off a $650M Fund IV, the fight underscores how perception shapes power in venture capital.

Who Really Founded Dragonfly Capital?

The feud began when Haseeb Qureshi, Dragonfly’s managing partner, posted a 13-lesson guide on X about building a successful VC firm. He described using a "fake it till you make it" strategy during crypto’s 2018 winter, claiming he and Bo Feng constructed Dragonfly "from nothing." But Alexander Pack, who left the firm four years ago, countered: "Haseeb, it’s simple. You lied. You’ve never created a VC firm." Pack insists he and Feng co-founded Dragonfly over a year before Qureshi’s hiring, citing a 2018 Forbes article naming them as founders of a $100M crypto fund. Qureshi later clarified that while the fund was announced, it wasn’t fully raised when he joined, and he pivoted Dragonfly from a fund-of-funds to direct investments.

What Were Qureshi’s Early Contributions?

Qureshi’s playbook emphasizes VC as a "people business," where personal branding (think social media clout and public narratives) is critical. His post noted firms like a16z operate as "media companies with a VC arm." But this focus backfired when Pack felt his contributions were erased. Qureshi argued that even if Dragonfly existed legally, its market identity was built through his strategies—like launching Dragonfly Research. Initially just Qureshi reposting his blog takes under a fancy name, it evolved into a data-driven team publishing reports like the "State of Airdrops" analysis. "Research was our edge when no one knew us," Qureshi tweeted.

Why Does This Fight Matter Now?

Timing is key. Dragonfly just closed its $650M Fund IV in early 2026, cementing its status among crypto’s top VCs. With $4B AUM and 45 employees globally, the firm’s origin story carries weight. As one X user commented: "This isn’t about history—it’s about who controls the narrative moving forward." Notably, Qureshi stated Pack is "no longer welcome" at Dragonfly, alleging he "lied about deals" upon exiting in 2022.

How Did Dragonfly Research Shape the Firm?

What began as Qureshi’s speculative blog posts ("Wouldn’t it be wild if…") became a full department producing proprietary reports on crypto salaries and tokenomics. The team now includes data scientists and legal experts, with findings cited by outlets like CoinDesk. "Research let us punch above our weight," Qureshi noted, crediting it for early deals like FTX (pre-collapse) and Solana.

What’s Next for Dragonfly?

Despite cooling institutional interest in crypto (per CoinMarketCap data), Dragonfly’s latest fund suggests confidence. Analysts at BTCC highlight its focus on Asia-Pacific infrastructure plays. But as this feud shows, in VC, reputation is currency—and both sides are cashing in.