I think the title is a bit exaggerating, but fun article about hubris: https://nymag.com/intelligencer/article/three-arrows-capital-kyle-davies-su-zhu-crash.html "... as Three Arrows Capital, once perhaps the most highly regarded investment fund in a burgeoning global financial sector, collapsed in excruciating and embarrassing fashion. The firm’s implosion, a result of both recklessness and likely criminal misconduct, set off a contagion that not only forced a historic sell-off in bitcoin and its ilk but also wiped out a wide swath of the cryptocurrency industry. Voyager Digital, a publicly traded crypto exchange based in New York that once had a multibillion-dollar valuation, filed for Chapter 11 in July, reporting that Three Arrows owed it more than $650 million. Genesis Global Trading, headquartered on Park Avenue, had lent Three Arrows $2.3 billion. Blockchain.com, an early crypto company that provided digital wallets and evolved into a major exchange, faces $270 million in unpaid loans from 3AC and has laid off a quarter of its staff. Among crypto’s smartest observers, there is a widely held view that Three Arrows is meaningfully responsible for the larger crypto crash of 2022, as market chaos and forced selling sent bitcoin and other digital assets plunging 70 percent or more, erasing more than a trillion dollars in value. Meanwhile, the unclaimed yacht looms as a slightly ridiculous avatar of the hubris, greed, and recklessness of the firm’s 35-year-old co-founders. With their hedge fund in the midst of chaotic liquidation proceedings, Zhu and Davies are currently believed to be in hiding. "
Pekelo you're a consistently dedicated advocate of detailing crypto failures. Imagine the thought of showcasing some crypto success stories.
I thought this WAS a success story! But seriously, money doesn't get lost, it just changes hands. So you can look at every hacking, ragpull, DeFi collapse as a success story, just not for the side you are on. Best quote of the article: In late May, Zhu sent out a tweet that may as well be his epitaph: “Supercycle price thesis was regrettably wrong.” <<< I disagree with this, it was right, they just forgot to cash out at the new ATH.