Novogratz: “Well said. Don’t even know where to begin….”
Mike Novogratz, the CEO of Galaxy Digital Investments, has reacted to BitMEX’s co-founder’s comments on the Three Arrow Capital (3AC) saga.
The Galaxy Digital CEO took to Twitter to commend Arthur Hayes, BitMEX co-founder, for his comment on the 3AC saga after the founders of the cryptocurrency hedge fund – Su Zhu and Kyle Davies – broke their silence in a Bloomberg interview today.
“Well said. Don’t even know where to begin…,” Novogratz said.
Well said. Don’t even know where to begin… https://t.co/ywso1aig73
— Mike Novogratz (@novogratz) July 22, 2022
Hayes Slams 3AC Founders’ Interview
In a Bloomberg interview published today, Zhu and Davies spoke extensively about the collapse of their flagship cryptocurrency hedge fund, 3AC, from an unknown destination.
The duo spoke on several issues ranging from their lifestyles to what forced them to go into hiding.
This article is so amazing I don’t even know where to begin. Let’s dig into this beauty of an interview with Su Zhu and Kyle Davies.https://t.co/35Wlgy0TfS
— Arthur Hayes (@CryptoHayes) July 22, 2022
After going through the Bloomberg article, Hayes highlighted several portions of the interview in a bid to mock Zhu and Davies.
Hayes started by describing the article as “amazing,” adding that he finds it difficult to know where to begin his analysis.
“Let’s dig into this beauty of an interview with Su Zhu and Kyle Davies,” Hayes said.
In a lengthy thread, he shared screenshots of some portions of the article that he found interesting while adding comments to ridicule the 3AC founders.
According to the Bloomberg article, Zhu disagreed with the perception that he enjoyed an extravagant lifestyle. Contrary to these claims, Zhu said he rode a bike daily to work.
Reacting to Zhu’s comment, Hayes said: “Common y’all. [Zhu] ain’t flashy; he rides his bike to work and to the marina where his superyacht is moored. ONLY 2 homes, brah you straight slumming it in the Kampong aka Tanglin.”
In response to Zhu’s comment that the 3AC founders were never seen in a club spending lots of money, Hayes said: “Take it back!! As someone who loves the clerb, I take offense to this,” Hayes said.
Furthermore, Hayes took shots at 3AC’s poor diligence practice for publicly stating that the company did not know that Terra ecosystem tokens were capable of falling to zero.
“Didn’t read the whitepaper tisk tisk tisk,” Hayes said.
The BitMEX co-founder also criticized Zhu for saying the 3AC collapse reminds him of the failed traditional hedge fund project, Long-Term Capital Management (LTCM).
“While this might be the crypto version of LTCM, the founders of said hedge fund never gave an interview quite like this,” Hayes added.
Finally, Hayes paraphrased a quote that has been linked to Zhu after the collapse of 3AC, “When you owe the lender 1 BTC, it’s your problem; when you owe the lender 10,000 BTC, it’s their problem.”
Meanwhile, BitMEX was also a 3AC investor. Last month, the popular cryptocurrency exchange disclosed that it liquidated its positions in 3AC.
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Source: https://thecryptobasic.com/2022/07/22/mike-novogratz-reacts-to-bitmexs-ceo-mockery-of-three-arrow-capital-3ac-founders-interview/?utm_source=rss&utm_medium=rss&utm_campaign=mike-novogratz-reacts-to-bitmexs-ceo-mockery-of-three-arrow-capital-3ac-founders-interview