On June 21, the Open Exchange (OPNX), a platform for trading claims against bankrupt crypto entities, advertisement a new partner in the ecosystem dubbed “3AC Ventures.” According to the promoters, “the association will invest in projects that build on the OPNX ecosystem and work towards a decentralized future.” OPNX was founded by Su Zhu and Kyle Davies, co-founders of Singaporean hedge fund Three Arrows Capital (3AC), currently bankrupt.
Citing the ad, Davies commented: “3AC is dead, long live 3AC Ventures.” On the firm’s home page, users are greeted with the text “3AC Ventures focuses on superior risk-adjusted returns without leverage,” along with a contact email.
In June 2022, 3AC filed for bankruptcy in the British Virgin Islands due to a series of leveraged trades gone awry amid a cryptocurrency bear market and its exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022. Both Davies and Zhu could not be located following the bankruptcy filing, although media activity suggests they spend their time in Dubai and Indonesia.
At its peak, 3AC managed $10 billion worth of assets. During the bankruptcy, the company’s creditors claimed USD 3.4 billion. On June 15, the liquidators of 3AC filed a motion to find Davies guilty of contempt of court in the United States. However, the motion does not apply to Zhu, whose Singaporean citizenship does not subject him to US jurisdiction.
Launched in April, OPNX hardly saw any trading activity during its early days, but has since overcome USD 30 million in average daily volume. The exchange launched its native token, OX, on May 31, which boasted a fully diluted market capitalization of $300 million at press time.
3AC is dead, long live 3AC Ventures https://t.co/61s8uQquOZ
—Kyle Davies (@KyleLDavies) June 21, 2023
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