So Three Arrows Capital (3AC) was one of the powerful, multi-billion hedge fund that got caught in the contagion after the Terra/Luna crisis.

They owe $3.5 billion to 27 different companies — including Blockchain.com, Voyager Digital, and lender Genesis Global Trading.

Surprisingly, Zhu Su himself filed a $5M claim amongst the list of creditors.

The company sank like a rock to the bottom of the Mariana Trench but the founders Zhu Su and Kyle Davis are still free men.

Citing safety, they have been suspected to be residing in countries like Bali and UAE, where foreign court orders are hard to enforce.

They are hard to find and remain uncontactable.

Except on Twitter.

Kyle was even making comments and sharing his insights on the SBF drama.

So the liquidators decided to serve them court order via Twitter.

I kid you not.

“Given both entrepreneurs are relatively active on Twitter, those handling the bankruptcy sought court approval to reach them on social media instead.

In public messages, the official account for the liquidation process tagged Davies and Su respectively. Images of the subpoena document were also provided, with sensitive details redacted. ”

There’s even a dedicated Twitter account called 3ACLiquidation that tweets about the liquidation process and happenings.

Much respect to the liquidators who are putting in so much effort to help get some justice served, especially to the victims and creditors.

Shows you the power of social media.

You may be hiding, hospitalised or in outer space, but your social media will get to you.

Never underestimate the power of a platform as ubiquitous and expansive as Twitter.

Where attention goes, everything else follows.

It is in a way a double-edged sword right?

You get so popular and have so much attention on Twitter, that the only way to serve you court letters is to publicly tweet and tag you on it.

Publicly.

So now, the tweet is forever there and you are tagged to it.

You literally cannot deny it unless you haven’t logged into Twitter since.

Which is highly unlikely.

What a smart and scheming move!

Seriously didn’t know that you can get subpoenaed via Twitter.

At the time of writing, Twitter data shows the posts have been viewed 382,000 times.

But honestly, what can the liquidators really do even after all the tweets and subpoenas?

If they cannot physically get to Kyle or Zhu Su, will it even matter?

Will they be able to proceed with the liquidation process and make anything meaningful out of it without the founders’ help?

This is the darker side of crypto or any unregulated industry for that matter, that critics have been touting about.

Because there are not clear governing rules yet, no crimes were technically committed and it would be incredibly difficult to pin anything on these bad actors in time to come.

Stay strong people and always be vigilant.

Oh and Su Zhu and Kyle Davies aren’t slowing down or sleeping.

They are reportedly seeking to raise about US$25 million ($33.0 million) for their new crypto exchange called GTX!

More about that next time!

-

Is crypto is still too unregulated?

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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #zhusu #kyledavies #3ac #leverage #liquidation #wildwest #gtx #ftx #leveraged

So Three Arrows Capital (3AC) was one of the powerful, multi-billion hedge fund that got caught in the contagion after the Terra/Luna crisis.

They owe $3.5 billion to 27 different companies — including Blockchain.com, Voyager Digital, and lender Genesis Global Trading.

Surprisingly, Zhu Su himself filed a $5M claim amongst the list of creditors.

The company sank like a rock to the bottom of the Mariana Trench but the founders Zhu Su and Kyle Davis are still free men.

Citing safety, they have been suspected to be residing in countries like Bali and UAE, where foreign court orders are hard to enforce.

They are hard to find and remain uncontactable.

Except on Twitter.

Kyle was even making comments and sharing his insights on the SBF drama.

So the liquidators decided to serve them court order via Twitter.

I kid you not.

“Given both entrepreneurs are relatively active on Twitter, those handling the bankruptcy sought court approval to reach them on social media instead.

In public messages, the official account for the liquidation process tagged Davies and Su respectively. Images of the subpoena document were also provided, with sensitive details redacted. ”

There’s even a dedicated Twitter account called 3ACLiquidation that tweets about the liquidation process and happenings.

Much respect to the liquidators who are putting in so much effort to help get some justice served, especially to the victims and creditors.

Shows you the power of social media.

You may be hiding, hospitalised or in outer space, but your social media will get to you.

Never underestimate the power of a platform as ubiquitous and expansive as Twitter.

Where attention goes, everything else follows.

It is in a way a double-edged sword right?

You get so popular and have so much attention on Twitter, that the only way to serve you court letters is to publicly tweet and tag you on it.

Publicly.

So now, the tweet is forever there and you are tagged to it.

You literally cannot deny it unless you haven’t logged into Twitter since.

Which is highly unlikely.

What a smart and scheming move!

Seriously didn’t know that you can get subpoenaed via Twitter.

At the time of writing, Twitter data shows the posts have been viewed 382,000 times.

But honestly, what can the liquidators really do even after all the tweets and subpoenas?

If they cannot physically get to Kyle or Zhu Su, will it even matter?

Will they be able to proceed with the liquidation process and make anything meaningful out of it without the founders’ help?

This is the darker side of crypto or any unregulated industry for that matter, that critics have been touting about.

Because there are not clear governing rules yet, no crimes were technically committed and it would be incredibly difficult to pin anything on these bad actors in time to come.

Stay strong people and always be vigilant.

Oh and Su Zhu and Kyle Davies aren’t slowing down or sleeping.

They are reportedly seeking to raise about US$25 million ($33.0 million) for their new crypto exchange called GTX!

More about that next time!

-

Is crypto is still too unregulated?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #zhusu #kyledavies #3ac #leverage #liquidation #wildwest #gtx #ftx #leveraged