Dragonfly Capital Embroiled in Founding Dispute Over Early Investments

Dragonfly Capital, a prominent player in the cryptocurrency investment space, is embroiled in a controversy surrounding its founding and early investments. At the heart of the issue are claims made by Alexander Pack and Haseeb Qureshi, two key figures associated with the firm.

The dispute centers on the leadership and investment decisions made during Dragonfly's transition from a fund-of-funds model to direct investing in 2019. According to sources, Pack asserts that he and Bo Feng co-founded the company and led early investments in notable projects such as Bybit, Amber Group, and Crusoe before Qureshi joined.

Qureshi, on the other hand, acknowledges that Dragonfly began as a fund-of-funds but disputes Pack's claims about his involvement in leading these early deals. Instead, he emphasizes his contributions to fundraising and team building efforts after joining the firm.

The differing accounts of Dragonfly's early history may have significant implications for investor trust and credibility. As the company advances a fourth crypto fund worth around $650 million, clarifying its origin story and track record has become increasingly important.