Dragonfly’s Duel: Who Wields the Quill of Credit?

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Pray, allow me to present a most diverting spectacle: a public contretemps between the esteemed gentlemen of Dragonfly, Messrs. Alexander Pack and Haseeb Qureshi, which has spilled onto the digital parlour of X with all the decorum of a tea party gone awry.

A Tale of Two Founders, or Perhaps Three, Depending on Whom You Ask

The fracas commenced when Mr. Qureshi, with a flourish of his quill, published an essay on X, entitled “How to Build a VC Firm,” wherein he recounted the ascent of Dragonfly from its humble beginnings to its current stature, managing a most impressive £4 billion in assets and launching a £650 million fourth fund. He speaks of lessons learned, of raising funds, and of cultivating an edge in the east-west crypto investing, all while competing with such luminaries as Polychain.

In this narrative, Mr. Qureshi paints himself and Mr. Bo Feng as the architects of Dragonfly’s 2018 launch, positioning the firm as a bridge between the U.S. and Asia. He attributes the firm’s success to disciplined investing, brand-building, and long-term positioning during the crypto market’s more tempestuous moments.

However, Mr. Pack, now of Hack VC, took umbrage at this account and promptly challenged it with a riposte that could only be described as both pointed and pungent.

On X, Mr. Pack wrote:

“Hey Haseeb, if you insist on rewriting history with such audacity, I shall set the record straight – Bo and I co-founded Dragonfly a full year before we deigned to hire you. The firm was scarcely in its infancy, having already led several notable deals. We both boasted solid track records, while you were, if memory serves, ‘playing’ poker.”

Mr. Pack’s rejoinder asserts that he and Mr. Feng were the true progenitors of Dragonfly, long before Mr. Qureshi’s arrival. He further claims that they led investments into several well-known crypto companies, a feat accomplished while Mr. Qureshi was still occupied with his cards.

The heart of the matter, it seems, lies in the timing and the allocation of credit. Public records and industry whispers confirm that Dragonfly was indeed founded in 2018 by Messrs. Pack and Feng, who initially raised a £100 million crypto-focused fund. Mr. Qureshi joined the firm at a later date and eventually ascended to the role of managing partner.

In his essay, Mr. Qureshi outlines how Dragonfly evolved from its early positioning into a larger direct-investment platform. He speaks of the firm’s ambition to rival the leading crypto venture firms and details its expansion across New York, San Francisco, and Singapore.

Mr. Pack’s rebuttal, however, suggests that the firm was already well on its way to prominence before Mr. Qureshi’s involvement. This public exchange has become the talk of the crypto venture community, where reputation and founding narratives are held in the highest regard.

Mr. Jonathan Marcus, a Kraken executive, added a touch of levity by sharing an image of an AI model confirming that Messrs. Pack and Feng were indeed the first to join. Observers could not help but chuckle, with one wit remarking, “VC Twitter is the new reality TV.”

This episode serves as a reminder that even in the world of crypto venture firms, internal disputes over origin stories can arise with all the drama of a novel by Mrs. Radcliffe. With Dragonfly now managing billions and participating in high-profile investments, the question of its early structure and leadership has become a matter of public record.

For now, the disagreement remains a matter of competing claims, documented in public statements and archived posts. At the time of writing, Mr. Pack’s reply has garnered more likes than Mr. Qureshi’s article, a fact that no doubt adds a touch of satisfaction to his quill.

FAQ 🔎

  • Who founded Dragonfly Capital?

    Dragonfly was established in 2018 by Alexander Pack and Bo Feng, though Mr. Qureshi would have you believe otherwise.

  • What sparked this public dispute?

    The dispute arose following Mr. Qureshi’s essay on X, which Mr. Pack found to be a most inaccurate account.

  • What is Mr. Pack’s claim?

    Mr. Pack asserts that he and Mr. Feng co-founded Dragonfly over a year before Mr. Qureshi joined and that they led several early deals.

  • Has Dragonfly responded formally?

    As of this writing, the disagreement has been confined to public posts on X, with no formal statements issued.

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2026-02-26 21:27