The crypto world is abuzz with the latest scandal involving Bryan Pellegrino and Kyle Davies. Pellegrino, the CEO of LayerZero, has accused Davies, the co-founder of Three Arrows Capital (3AC), of attempting to secure LayerZero’s treasury just days before 3AC’s collapse.
In a shocking turn of events, Davies defended his actions on a podcast, refusing to apologize for the financial turmoil caused by 3AC’s bankruptcy. Pellegrino, on the other hand, criticized Davies for his post-collapse actions, calling them desperate and deceitful.
The aftermath of 3AC’s downfall includes legal troubles for Davies and Su Zhu, the co-founders of the hedge fund. They attempted to launch the Open Exchange platform but faced scrutiny from Dubai’s crypto regulator for violating market regulations. Subpoenas were issued in early 2023 due to their lack of cooperation with liquidation efforts, leading to Zhu’s arrest in Singapore.
As the saga continues to unfold, the crypto community watches closely, witnessing the consequences of one of the industry’s most dramatic collapses. Stay tuned for more updates on this developing story.
