The Subpoena Saga
Kyle Davies, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), finds himself in a legal pickle. It seems that ignoring a subpoena issued on Twitter is a bold strategy—let’s see if it pays off. The New York bankruptcy court has demanded that Davies cough up essential documents including seed phrases and private keys within a timeframe that most of us would consider a generous 14 days.
What Happens When You Don’t Respond?
After hearing nothing from Davies, Bankruptcy Judge Martin Glenn decided enough was enough. On March 22, he granted a motion to compel—a legal term that sounds way more dramatic than it is—basically telling Davies either to appear in court and put up a fight or keep ignoring the situation and risk some serious consequences. Judge Glenn’s message was crystal clear: “Take your chances.” It feels like a courtroom standoff, complete with dramatic music in the background.
The Risks of Contempt
You’d think court-mandated documents would be delivered like pizza, right? But for Davies, ignoring this request could lead to contempt of court. Ah, civil contempt—a fancy term that could lead to fines or even jail time for someone who decides to play the stubborn card. The old saying goes: “What doesn’t kill you makes you stronger”—but in this case, it might just help you find your seed phrases.
MIA: The Two Founders
Meanwhile, both Davies and his partner in mischief, Su Zhu, are keeping their whereabouts a mystery. Recent tweets suggest Davies is chilling in Bali—because, of course, why wouldn’t he be? However, photos from him and Zhu indicate they might be playing hide-and-seek in the Middle East. Surrounded by palm trees or skyscrapers, who can tell where these guys are anymore?
Looking Ahead: OPNX and the Future
As for what’s next for the two co-founders? They’ve joined forces with CoinFLEX to launch OPNX, a marketplace that aims to facilitate claims in bankruptcy proceedings within the crypto world. It’s like figuring out what to do with the leftover bits of a once-great party while also trying to dodge legal salty snacks. So, even as they navigate this legal battleground, they’re looking to the future—or at least somewhere with fewer court dates.
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