This is a story that took place in 2022, a true profile of the tumultuous crypto market that year
1️⃣ From genius boy to 'crypto gambler'
Su Zhu, a Chinese genius who immigrated to the U.S. at the age of 6, founded Three Arrows Capital at the age of 25 with high school classmate Kyle Davies. From a Deutsche Bank trader to the 'King of Leverage' in the crypto world, he pushed Three Arrows to its peak in 2021—managing assets over $10 billion, investing in star projects like Avalanche and Solana, and being hailed as the 'Crypto Soros'
2️⃣ The night before the collapse of the paper-drunk gold-madness
At the end of 2021, Su Zhu spent $50 million to order a super yacht named 'Much Wow', claiming it was 'bigger than all the yachts of the rich in Singapore'. While promoting the 'Bitcoin Super Cycle' on Twitter, he used borrowed money to increase his positions in LUNA, GBTC, and stETH.
3️⃣ 72-hour Avalanche: From billionaire to fugitive
In May 2022, the collapse of LUNA wiped out $500 million, yet Three Arrows Capital continued to leverage 'betting on a rebound'. In June, Bitcoin fell below $20,000, collateral value halved, and $3.5 billion in debt exploded instantly! While creditors were frantically pursuing debts, Su Zhu fled to Dubai with his wife, leaving behind an unclaimed yacht and a $3.5 billion debt black hole.
4️⃣ The 'Lehman Moment' in the crypto world
The bankruptcy of Three Arrows directly dragged down exchanges like Voyager and BlockFi, Bitcoin plummeted 70%, and a trillion in market value evaporated.
Ultimately, in September 2023, Su Zhu was arrested at Singapore airport while trying to escape with a fake passport; his mansions and NFTs were all confiscated, and he was sentenced to 10 years, bringing a conclusion to this story.
To this day, only the story of Three Arrows remains on the internet, telling of a genius boy carving his path in the crypto world, yet also
the past of being bitten back by the crypto circle #Bitcoin #Blockchain #Finance #Web3 #FinanceCircleGossip #ThreeArrowsCapital #Web3JobSearch
