Haseeb Qureshi Poker Scandal: The Truth Dragonfly LPs Need to Know

Earlier this week, Haseeb Qureshi, the managing partner of Dragonfly Capital (his account on the X platform is @hosseeb), posted a message. He did not expect it to spark controversy:

Shortly after the post was published, a co-founder of Dragonfly Capital responded:

"Hey Haseeb, if you want to rewrite history, then I’ll set the record straight------

Bo and I co-founded Dragonfly over a year before we hired you. The company was not starting from scratch; we had already led many excellent deals.

Both of us had solid track records prior to that. Long before you were 'playing' poker, we had already led investments in many well-known cryptocurrency companies (Bo even invested in dozens of Chinese unicorns)." (Source)

Industry commentators then investigated the "poker" past mentioned, uncovering a history that many were unaware of.

The Scandal Involving Haseeb Qureshi

According to a report by the Austin American-Statesman, Qureshi's poker career began with integrity issues: "Qureshi recounted that he had found a Maryland woman's license online and used it to start gambling."

The story did not improve from there. Reportedly, he made a million dollars by the age of 19. However, the Austin American-Statesman stated that Qureshi initially denied certain violations but later had to admit:

• He initially denied that he had funded, coached, and assisted Girah's career, but later he admitted it.

• He initially denied violating rules—by intentionally losing to Girah in tournaments ("throwing chips") to funnel money to him (since it was quicker than following standard agreements), but he also later admitted this.

Such lies were rampant.

Professional player Rosenkrantz stated, "It was simply a crazy web of lies. Every time he was caught, he would act like he was confessing, then continue lying, and get caught again."

The article also added, "Critics believe he was trying to scam other poker players from the start; given the chance, he would steal thousands of dollars."

Transition to the Cryptocurrency Field After the Scandal

Qureshi does not shy away from this part of his history. Even so, different sources describe this past inconsistently. Although some information sources like HighStakesDB and Cardrunners have been taken down, mirror backups still exist in the Wayback Machine.

Qureshi now leads a venture capital fund, Dragonfly Capital, which has a scale of $650 million. Many in the industry are unaware of his past.

But there are those who are informed.

A source who previously worked at the blockchain company Eclipse Labs and requested anonymity due to industry relations stated, "We had discussions with Dragonfly, but Haseeb Qureshi is a red flag. The price we offered them was double that of others." He added, "We did accept personal angel investments from several partners at Dragonfly because we respect them individually. But for us, Haseeb is an insurmountable obstacle."