The dispute began after Haseeb Qureshi published an essay on X titled “How to Build a VC Firm,” detailing Dragonfly’s trajectory from its early days to managing roughly $4 billion in assets and launching a $650 million fourth fund. The piece describes lessons learned building Dragonfly, including raising its first fund, cultivating an edge in east-west crypto investing, and competing with early leaders such as Polychain.

In the essay, Qureshi recounts partnering with Bo Feng to start Dragonfly in 2018, positioning the firm as a bridge between the U.S. and Asia. He frames the firm’s growth as a result of disciplined investing, brand-building, and long-term positioning during crypto market downturns.

Shortly after publication, Alexander Pack, now at Hack VC, publicly challenged the narrative.

Pack wrote on X:

“Hey Haseeb, if you’re going to try to rewrite history, I’ll set the record straight — Bo and I co-founded Dragonfly 1+ year before we hired you to join us. The firm was not at 0, we led plenty of great deals. We both had solid prior track records as well. We led investments into many well-known crypto companies (and Bo dozens of Chinese unicorns) back when you were ‘playing’ poker.”

Pack’s response asserts that he and Feng established Dragonfly before Qureshi joined, disputing any implication that the firm began from scratch under Qureshi’s leadership. He also claims they led early investments in notable crypto companies prior to Qureshi’s arrival.

The disagreement centers on timing and credit. Public records and industry reporting show Dragonfly was founded in 2018 by Pack and Feng, initially raising a $100 million crypto-focused fund. Qureshi joined the firm later and eventually became managing partner.

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

Pack’s rebuttal suggests that the firm already had momentum and notable deals before Qureshi’s involvement. The public exchange has drawn attention within the crypto venture community, where reputation and founding narratives often carry significant weight.

Jonathan Marcus, a Kraken executive leading strategy, custody and staking, shared an image that shows an AI model stating that Pack and Feng joined first. Observers responded by cackling at the public feud. “VC Twitter is the new reality TV,” one individual wrote.

The episode highlights how crypto venture firms, like startups, can face internal disputes over origin stories as they grow. With Dragonfly now managing billions and participating in high-profile investments, questions about its early structure and leadership evolution have become part of the public record.

For now, the disagreement remains a matter of competing claims, documented in public statements and archived posts. At the time of writing on Thursday, Pack’s reply has more likes than Qureshi’s article.

• Who founded Dragonfly Capital?
  Dragonfly was established in 2018 by Alexander Pack and Bo Feng.
• What triggered the public dispute?
  The dispute followed Haseeb Qureshi’s X essay outlining how Dragonfly was built .
• What is Alexander Pack’s claim?
  Pack says he and Feng co-founded Dragonfly more than a year before Qureshi joined and led early deals.
• Has Dragonfly responded formally?
  As of publication, the disagreement has been addressed through public posts on X, not formal statements.

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