Have you ever heard of 3AC? It’s not a new type of phone or a cool video game. 3AC stands for Three Arrows Capital, and it was a big, important company in the world of cryptocurrencies. Cryptocurrencies are like digital money, and 3AC was like a bank for them.
But recently, 3AC got into big trouble. It started losing a lot of money, and then it disappeared! That’s where the 3AC founders come into the story. They were the people running 3AC, and now they’re facing lots of questions and problems.
The two main people behind 3AC were Su Zhu and Kyle Davies. They were like the CEOs of the company, making decisions and trying to make 3AC successful.
Su Zhu and Kyle Davies met in the world of finance, where they worked on trading and investing. They were smart and ambitious, and they saw an opportunity in the growing world of cryptocurrencies. They thought they could make a lot of money by investing in different cryptocurrencies.
In 2012, Zhu and Davies created 3AC. They started small, but they quickly became big players in the cryptocurrency world. They were making lots of money, and people were looking up to them. They were like the rock stars of finance!
But then things started to go wrong. The price of some cryptocurrencies crashed, and 3AC lost a lot of money. They tried to cover up their losses, but they couldn’t keep up.
In 2022, 3AC was officially declared bankrupt. This means they didn’t have enough money to pay back their debts. It was a huge shock to the cryptocurrency world.
The Dubai Virtual Assets Regulatory Authority (VARA) decided to issue a reprimand to the 3AC founders. That means they are telling Zhu and Davies that they did something wrong and they need to be careful in the future.
VARA is like a government agency that watches over cryptocurrency companies in Dubai. They want to make sure that cryptocurrency companies are doing business in a fair and safe way. They believe that 3AC didn’t follow the rules, which led to them losing all that money.
The 3AC story is still unfolding. The 3AC founders are still facing legal challenges and they are still being investigated. It’s a complicated situation with lots of unanswered questions.
This story is a reminder that even in the world of cryptocurrency, mistakes can be very expensive. Investing in cryptocurrency is risky, and it’s important to be cautious and do your research before you put your money into it.
3AC Founders, 3AC Bankruptcy, Cryptocurrency, Digital Assets, Dubai VARA