Dragonfly Capital faces scrutiny amid founding dispute

Who founded Dragonfly Capital？ Claims by Pack and Qureshi

As reported by Fortune, dragonfly capital began in 2018 as a partnership between Alexander Pack, then leading crypto deals at Bain Capital Ventures, and Bo Feng. The same accounts place Haseeb Qureshis arrival in 2019, coinciding with a pivot away from a fund-of-funds posture toward direct investing.

According to AICoin, Pack asserts he and Feng co-founded Dragonfly and led early investments in Bybit, Amber Group, and Crusoe before Qureshi joined. In the same coverage, Qureshi acknowledges the firms fund-of-funds start and says he did not lead those early investments, emphasizing his later contributions to fundraising, team building, and the shift to direct deals.

Why this dispute matters for LP trust and credibility

In venture capital, LPs evaluate managers on verified track records, precise deal leadership, and the timelines that produced returns. According to Ainvest.com, how Dragonflys performance is framed, especially pre- versus post-2019, could influence investor trust if contributions or leadership are overstated.

Public statements have sharpened around who founded the firm and who led early deals, raising scrutiny of how histories are presented in marketing and fundraising. “rewriting history … falsely claiming to have founded a venture capital firm,” said Alexander Pack, Dragonfly cofounder.

As reported by AOL Finance, the firm has advanced a fourth crypto fund around $650 million, which places added emphasis on clarifying the firms origin story and track record to prospective LPs. In the near term, the dispute may prompt requests for third-party verification of who led specific deals before and after 2019.

Deal attribution could also face reexamination. If exposures originated during the fund-of-funds phase but later appeared alongside direct positions, external observers may reassess whether “led,” “co-led,” or “participated” labels were applied consistently.

Fund-of-funds vs direct investing: attribution explainedWhat counts as leading a deal in each model

In a fund-of-funds model, the GPs primary decision is selecting external managers; underlying deal leadership belongs to those managers. In direct investing, “leading” typically implies originating the opportunity, setting key terms, and being recognized in public or portfolio materials as the principal investor.

Why attribution blurs across 2018–2019 transition

Dragonflys 2018 start as a fund-of-funds and its 2019 pivot to direct investing create a timing overlap. Positions sourced via external managers can later sit beside direct stakes, complicating external views of who led which investment during the transition period.