Kyle Davies, the co-founder of the now-defunct Three Arrows Capital (3AC), has stated that he is not sorry for the crypto hedge fund going bankrupt. Davies was speaking on an episode of the Unchained Podcast on March 19.
“Am I sorry for a company going bankrupt? No, like companies go bankrupt, almost every company goes bankrupt, right?” Davies said about the public sentiment that he had not shown remorse. “It’s how you build or what you do about it. We’re definitely trying our best. We can add value in various ways. At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.”
Zhu was arrested at the Singapore airport in September 2023 for allegedly failing to help liquidate 3AC and sentenced to four months’ imprisonment. Zhu was released early, in December 2023, based on standard provisions for good behavior.
Davies said both he and Zhu did not know about a court date, otherwise, why would Zhu enter Singapore? They were in contempt of court, and that is why Zhu was apprehended, Davies said.
“Maybe we should (sack our lawyers for not informing us about the court date),” Davies said when asked whether he had fired his lawyers.
Davies, who renounced his U.S. citizenship to acquire Singapore citizenship, has not returned to Singapore since then to face the same four-month sentence that Zhu faced. Davies said he would not be returning to Singapore “immediately” but “obviously these things just resolve at some point, there are settlements.”
During the interview, Davies also said he didn’t see any reason why he couldn’t return to the U.S. where his family is, but that so far, he had not returned to the U.S. He claimed he was “in Europe” but did not confirm whether he was in Portugal, something he told New York Magazine.
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In September 2023, Singapore’s central bank issued a nine-year ban against the 3AC founders, prohibiting them from operating in the country’s regulated financial services industry. In December 2023, a worldwide court order from a British Virgin Islands court froze more than $1 billion in assets belonging to the 3AC founders.