Dragonfly Co-Founder and Executive Struggle Goes Public: Both Sides Clash Over Company's Founding and Investment History

BlockBeats News, February 26th, Dragonfly co-founder Alexander Pack (now co-founder of Hack VC) recently publicly accused Dragonfly managing partner Haseeb Qureshi of attempting to "rewrite history," claiming that he and his partners had established Dragonfly more than a year before Qureshi joined and had led investments in many well-known crypto projects. Pack stated that while Qureshi was still involved in the poker entertainment industry, the team had already invested in several well-known companies, mentioning projects including Bybit, Amber Group, and Crusoe.

Qureshi strongly denied the accusations, stating that Dragonfly had never led any transactions before his arrival and accusing Pack of confusing the concepts of "participating in investments" and "leading investments." Qureshi also stated that at the time, the fund had not yet been fully raised, the team was still raising funds from LPs, and he pointed out that when the relevant media reports (including the announcement in Forbes) were published, the fund had not yet been fully in place.

The public dispute between the two quickly attracted attention from the crypto investment community, with the controversy focusing on Dragonfly's early positioning, whether it had operated as a mother fund, and the company's brand and transaction leadership capabilities in its early days. This debate over historical narratives and credit attribution also reflects the intensified competition and personal reputation game in the crypto venture capital industry.