Dragonfly Capital faces scrutiny amid Pack–Qureshi dispute

Who founded Dragonfly Capital? Verified facts vs disputed claims

A public argument between Alexander Pack and Haseeb Qureshi has focused attention on the Dragonfly Capital founding dispute and how the firm’s earliest deals are credited. What is verifiable is that Haseeb Qureshi is a Managing Partner at Dragonfly Capital and that Pack previously held a senior leadership role before co-founding Hack VC.

Pack says he co-founded Dragonfly with Bo Feng and led Dragonfly early investments in Bybit, Amber Group, and Crusoe before Qureshi joined. Qureshi counters that the earliest period blended fund-of-funds activity and participation into deals with leadership, and that his later tenure emphasized institutionalizing the firm’s operations, leading venture deals, and building the team.

The crux is not whether both contributed, but how to define the firm’s “founding” for the operating venture entity versus the earlier vehicle. Pack frames the timeline around initial capital formation and first checks; Qureshi emphasizes when Dragonfly began leading deals and scaling processes, positions that are not mutually exclusive but remain contested.

Why this dispute matters now for Dragonfly’s credibility

In venture capital, credit for sourcing and leading early-stage investments affects perceived judgment, governance, and future fundraising. As reported by Fortune in February 2026, Pack has argued the firm existed more than a year before Qureshi’s arrival, while the coverage notes Qureshi’s view that the real operating build-out began around his tenure and that observers worry public disputes can cloud LP and founder confidence.

After weeks of back-and-forth, each side distilled their stance in stark terms. “Totally different visions,” said Haseeb Qureshi, Managing Partner at Dragonfly. Pack, now at Hack VC, has accused Qureshi of trying to “rewrite the history.”

For founders deciding whom to partner with, the difference between leading a round and merely participating can be material, because lead investors typically negotiate terms, coordinate syndicates, and shoulder post-investment governance. For limited partners, clarity about who set strategy, sourced deals, and managed risk in the early years informs diligence on team stability and repeatable process.

Pack vs Qureshi: documented points and disputed narrative

On the documented side, both parties held senior roles tied to Dragonfly’s early trajectory, and both claim agency over core milestones. Pack’s account centers on co-founding the firm with Bo Feng and backing Bybit, Amber Group, and Crusoe before Qureshi joined, positioning those as Dragonfly early investments. Qureshi’s account centers on converting a hybrid, fund-of-funds-style start into an operating venture platform with led deals, explicit portfolio construction, and a deeper internal team.

The narrative tension is about definitions and sequencing: whether “founder credit” should attach primarily to initial capital assembly and first deployments, or to the subsequent institution-building that established a lead-VC identity and repeatable decision-making. In practice, many firms evolve from passive allocations or small participations into actively led rounds; the parties here frame that transition differently, and the industry impact depends on how LPs and founders weigh origin versus operationalization.