FSInsight Accuses Three Arrows Capital of Running a ‘Madoff-Style Ponzi Scheme’

Madoff in this scenario would be the founders of 3AC, Su Zhu and Kyle Davies, who used their reputation to “recklessly borrow from just about every institutional lender in the business,” resulting in pain for some high-profile firms in the industry, including Voyager Digital, Babel Finance and BlockFi, Sean Farrell, head of digital asset strategy at FSInsight, wrote in the report. Bernie Madoff was an American financier who ran the largest Ponzi scheme in U.S. history.