The risks and benefits of VCs for crypto communities
July 8, 2022
3AC founders reveal ties to Terra founder, blame overconfidence for collapse
After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.
Mojang Studios bans Minecraft NFT integrations
Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it definitely wont institute a similar ban.
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