Su Zhu, co-founder of failed cryptocurrency hedge fund Three Arrows Capital (3AC), believes that the collapse of Sam Bankman-Fried’s FTX empire could set the cryptocurrency back by up sebve or eight years, according to a report by Bloomberg.
Su Zhu, co-founder of failed cryptocurrency hedge fund Three Arrows Capital (3AC), believes that the collapse of Sam Bankman-Fried’s FTX empire could set the cryptocurrency back by up seven or eight years, according to a report by Bloomberg.
The report cites an in-person interview given in Abu Dhabi during which Zhu said that while some industry figures believe
the demise of FTX will be felt for five years, he believes seven of eight years is more realistic.
3AC, the firm set up by Zhu and co-founder Kyle Davies also imploded itself in spectacular fashion earlier this year going from more than $4 billion in AUM to zero, almost overnight. And Zhu believes that the industry has ‘underlying issues’ that need to be solved.
The failure of 3AC hasn’t put Zhu off the crypto space completely though with the former Credit Suisse AG trader reportedly considering several ideas for new ventures including setting up an all-weather fund which would invest in digital and traditional assets.
