Wintermute CEO tells 3AC co-founder to ‘stay wiped out’ amid ‘redemption’ attempt News โธ Bankruptcy
Wintermute CEO tells 3AC co-founder to ‘stay wiped out’ amid ‘redemption’ attempt
Wintermute CEO Evgeny Gaevoy made the statement in response to a tweet thread posted by the co-founder of the defunct crypto hedge firm Three Arrows Capital.
2 min read
Updated: Oct. 13, 2023 at 9:36 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Wintermute CEO Evgeny Gaevoy said Three Arrows Capital co-founder Su Zhu should “stay wiped out” and not attempt to use the current market situation for his “redemption.”
Man really, SBF being a bigger villain than you, doesnโt automatically start your redemption ark. Stay wiped out https://t.co/7AuvsPstp6
— wishful cynic (@EvgenyGaevoy) November 9, 2022
Gaevoy’s tweet was a response to the 3AC co-founder’s Nov. 9 Twitter thread from where he spoke about what he has been doing since Three Arrows Capital imploded.
Zhu attempts comeback
The co-founder of the bankrupt crypto-focused hedge fund said the collapse of the firm was akin to suddenly being “wiped out” by a wave during surfing.ย He continued that the pain he felt was as difficult as the “ostracization and demonization” that ensued after his business collapsed.
There I was, surfing the wave of waves, next moment wiped out, board broken, rocks reefs everywhere
The sudden pain of business failure and loss of purpose, as a golden child of the industry + biz cycle more broadly, was as difficult as the ensuing ostracization and demonization
— ๆฑๆบฏ ๐ (@zhusu) November 9, 2022
Zhu Su thanked those who supported him, adding that time would show that they were “steadfast in integrity” but “wrongly positioned.”
He also revealed that he has been learning new languages and catching up with friends alongside other activities. He said that part of him wants to “live a quiet life in the woods,” but he also feels the urge “to rebuild with fresh purpose.”
Zhu Su was famous in the crypto space for his supercycle prediction that Bitcoin could hit $2.5 million. While he has admitted that his projections were wrong, his role in the collapse of 3AC has polarised the community.
The founders of the bankrupt hedge fund have been accused of mismanaging customers’ funds and being uncooperative with the court-appointed liquidators Teneo.
Community reacts negatively to Zhu’s musing
The crypto community has criticized Zhu Su, saying that FTX’s failure does not make 3AC better. Some in the Twitter community also pointed to the lack of remorse in the tweet, with Zhu Su failing to acknowledge or apologize to those who lost millions due to his actions.
— PAULY (@Pauly0x) November 9, 2022
bro stop using fancy words and just tell us how much u walked away with lol
— jawz (@sayinshallah) November 9, 2022
Some within the community said they forgave him, advising him to reach out directly to those he might have hurt.
I hope you find peace. You hurt a lot of people, and I hope you also reach out more directly to those closest to you whom you hurt most.
— Ledger ๐บ๐ธ Prometheus of the Plebs (@ledgerstatus) November 9, 2022
Meanwhile, Zhu Su is not the only failed crypto founder that attempted a comeback following FTX’s implosion. Terra’s founder, Do Kwon, also joined Cobie’s UpOnly TV live streamย to discuss the LUNA and UST crash.
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Posted In: Bankruptcy
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Evgeny Gaevoy is the Founder and CEO of Wintermute, a proprietary trading crypto market maker.