On June 21, OPNX Exchange, a platform for trading claims against bankrupt crypto entities, announcement a new ecosystem partner called “3AC Ventures”. According to the developers, “the partnership will invest in projects built within the OPNX ecosystem and working towards a decentralized future.” OPNX was founded by Su Zhu and Kyle Davies, who co-founded the now bankrupt Singaporean hedge fund Three Arrows Capital (3AC).
Quoting the ad, Kyle Davies commented, “3AC is dead, long live 3AC Ventures.” On the company’s homepage, users are greeted with the text “3AC Ventures is focused on superior risk-adjusted returns without leverage,” along with email contact.
In June 2022, 3AC filed for bankruptcy in the British Virgin Islands due to a series of leveraged trades gone wrong amid a cryptocurrency bear market and collapsing exposure. of $40 billion from the Terra Luna ecosystem in May 2022. Davies and Zhu could not be located after the bankruptcy filing, although media activity suggests they spend their time in Dubai and Indonesia.
At its peak, 3AC reportedly managed $10 billion in assets. When it went bankrupt, the company had creditor claims of $3.4 billion. On June 15, 3AC’s liquidators filed a motion to hold Davies in contempt of court in the United States. However, the motion does not apply to Su Zhu, whose Singaporean nationality does not subject him to US jurisdiction.
Launched in April, OPNX saw little to no commercial activity in the first few days, but has since outmoded $30 million average daily volume. The exchange launched its native token, OX, on May 31, which surpassed a fully diluted market cap 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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