When Crypto’s Own Hedge Fund Geniuses Failed: Lionel Laurent

Cryptocurrencies were supposed to teach traditional financiers a thing or two about how to avoid collapses and crises. Yet it feels like we’re simply repeating history. Specifically, the messy hedge-fund humiliation captured in “When Genius Failed.”

After Terra and Luna’s $60 billion stablecoin collapse and the freeze of withdrawals at crypto-lending platform Celsius, trading firm Three Arrows Capital now appears to be in trouble. The fund is liquidating its holdings amid plummeting prices, and an ominous tweet from co-founder Zhu Su about “communicating with relevant parties” is stirring fears of something potentially more fatal.

A glance at Three Arrows’ past crypto bets — ...