📉 Su Zhu & Kyle Davies — and the bet that changed crypto

📉 Su Zhu & Kyle Davies — and the bet that changed crypto # The Rise and Fall of Crypto's Power Couple They turned a $500K seed round into a multi-billion dollar empire, then watched it implode in 72 hours. Su Zhu and Kyle Davies co-founded Three Arrows Capital (3AC) in 2012, and for nearly a decade, they were the kings of crypto. Not miners, not protocol builders—traders. Pure, unapologetic leverage kings. By 2021, 3AC was managing $10 billion in assets. They were everywhere: funding Solana, backing Celsius, making whale-sized bets that moved entire market cycles. Su and Kyle didn't just participate in crypto—they shaped it. Their conviction moves alone could swing $100M+ in liquidations. Influencers begged for their validation. Developers pitched them constantly. Then came June 2022. In 72 hours, Three Arrows Capital went from untouchable to completely liquidated. The details: over-leveraged positions, overlapping collateral across platforms, and a market collapse they couldn't survive. On June 16, they admitted insolvency. By June 22, founders Su and Kyle had vanished—literally. They ghosted the entire industry. The fallout was catastrophic. Celsius froze customer withdrawals. BlockFi imploded weeks later. Genesis Capital crumbled. A contagion effect that proved crypto's interconnected fragility. The kicker? They'd spent years publicly mocking risk management. Kyle Davies literally tweeted "have fun staying poor" to critics. Su Zhu dismissed concerns about leverage. Their arrogance became their epitaph. As of 2024, they're still missing. Some reports suggest they're in the UAE avoiding legal action. Meanwhile, 3AC's bankruptcy saga continues, with victims still pursuing every possible recovery. The lesson here isn't about hating these guys—it's darker than that. It's that even billion-dollar track records don't protect you from hubris. Leverage kills, diversification is real, and "have fun staying poor" looks pretty naive when you're the one who got rekt. Whose story should we cover next? 👇 #cryptolife #bitcoin #hodl #crypto #web3 #blockchain News | Memes | 𝕏 takes