Less than a year after their companies went belly-up, Kyle Davies and Su Zhu announced the launch of a new crypto venture, which has raised $25 million.
Seven months ago, the collapse of Kyle Davies and Su Zhu’s cryptocurrency hedge fund, Three Arrows Capital, helped set off aBut in a dramatic comeback, Davies and Zhu have already announced the launch of a new crypto venture, which has raised $25 million.
Three Arrows collapsed in July following a death plunge in the value of the Luna token, in which the company was heavily invested. The company’s fall completely destroyed digital asset brokerage Voyager Digital—which lost an estimated $670 million in loans to Three Arrows and filed for bankruptcy protection the next month—and severely wounded several others. When it crashed, Three Arrows owed an estimated $3.
One of the largest creditors to suffer in the Three Arrows bankruptcy was Genesis, a crypto lending firm that allegedly loaned Three Arrows approximately $2.4 billion and never got it back. Genesis leaders claimed their company recovered and was still solvent over the summer, but the collapse ofin November dealt a death blow. Genesis suspended customer withdrawals on Nov. 16—five days after FTX went under—and filed for bankruptcy last month, leaving an estimated $5.1 million owed to creditors.
Representatives for Hunting Hill confirmed that Garcia was chief investment officer of Hunting Hill Digital. A spokesperson said the fund had “discussions” with Ballenswieg and Werbitt, but that they never started employment. The company declined to comment on Ballenswieg’s emails.Ballensweig, Garcia and Werbitt are not the only ex-Genesis execs to attempt a comeback.
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