With the collapse of crypto exchange FTX, founders of bankrupt 3AC and Celsius Network are taking the opportunity to throw the weight on Sam Bankman-Fried.
While the entire crypto space is paying major attention to Sam Bankman-Fried and his collapsed empire, Su Zhu, the co-founder of Three Arrows Capital (3AC) is looking to make a comeback. While the industry’s major attention has shifted towards SBF, Su Zhu is looking to make space for himself once again in the industry.
Three Arrows Capital’s Possible Comeback
The day after FTX revealed it was suffering from a “liquidity crunch ” i.e. November 9, Su Zhu published his first tweet after months of hiatus. As the FTX saga has been unfolding, Zhu has continued to tweet offering advice through poetic metaphors. In a veiled criticism of SBF and his handling of FTX, Zhu said it’s “tragic and sad, tears everywhere” wrote:
“That being a better swimmer led to her death felt bizarre yet obvious The better she could swim the more she underestimated nature, how the difference between people is like the difference between grains of sand, just as theres no mighty grain there is also no mighty person.”
In his latest Twitter thread on Sunday, November 27, The Three Arrows co-founder has revealed his next steps. This includes the launch of “long-form video podcast series” which will discuss “life, belief systems, and mental health”. Zhu said that he would be launching this series with his collaborator friend named “Cliff”. “Allah does not charge a soul except that which is within its capacity,” he added. This might indicate the fact that Zhu has converted to Islam.
Su Zhu on Creating a Trading Firm
During his interview with Bloomberg last week on November 22, Su Zhu hinted at creating a new trading firm. Zhu added that it would be an “all-weather fund” which would perform reasonably through all market conditions. The fund will invest in both traditional financial assets and crypto.
“But I don’t think there’s a rush,” he said. “The dominoes are just beginning to fall. There are many more dominoes.”
However, these quasi-announcements from Su Zhu have attracted more criticism than support. Several pointed out the contrast of his actions at 3AC with the ideologies presented in Islam. Foobar, a blogger and non-fungible tokens (NFT) founder asked “what does Allah say about interest-bearing loans?” Another user also pointed out that interest is forbidden or “haram” in Islam.
Su: "sorry brah can't pay back the loan its not Sharia-compliant" pic.twitter.com/QsfJq7aDUL
— chudnov (@chudnovglavniy) November 27, 2022
Kyle Davies, another co-founder at Three Arrows Capital also appeared on Twitter after months of silence.
My initial process was to spend my time searching and understanding. Less markets and screens, more grass and painting.
I will look to share my understanding to the extent it contributes to good and to light.
Yours Truly, Humbled and Gracious pic.twitter.com/z7YFvQwiRd
— Kyle 🐂 (@KyleLDavies) November 13, 2022
Post the collapse of crypto exchange FTX, Alex Mashinsky, the founder of the bankrupt crypto lending platform Celsius Network is making a reappearance on Twitter Spaces over the last few weeks. During a Twitter Space on Sunday, November 27, Mashinsky said that he “loves the idea” of getting FTX to “pay for the hole”.
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