- This was stated by the co-founder of the fund in an interview for Mario Naufal
- Moreover, he claims that some creditors have already received compensation.
- However, this does not affect the official liquidation process led by Teneo.
Three Arrows Capital co-founder and OPNX co-founder Kyle Davis said he intends to donate some of the platform’s future profits. He will give it to the creditors of the bankrupt fund. He described this scheme as “shadow recovery”.
What is OPNX?
The exchange entered the market in early April this year. Quite naturally, the project faced skepticism and criticism from the community. And this affected the market performance of the enterprise.
Moreover, some of the investors who allegedly invested in the platform deny any connection with the project. Despite this, the exchange continues to operate.
Among other things, it offers a secondary market for debt. The user can “sell” their assets locked on another platform that is in the process of bankruptcy.
Yesterday, July 3, Kyle Davis gave an extensive interview to Mario Naufal, CEO of IBCgroup.io. You can listen to the full recording Here. The participants discussed the collapse of Three Arrows Capital, as well as the new project of the former leadership of the organization.
Among other things, Davis stated that he believes in karma. He also said that he intends to transfer some of the future profits to OPNX to compensate for the losses of 3AC creditors, if any.
According to him, this is the first example of “shadow recovery” in the industry. However, his actions will not affect the liquidation process under the leadership of Teneo.
Davis also noted that some creditors have already received the first compensation. However, he did not name names or specific figures.
When asked how he could work on a new project while the old one was still being liquidated, Davis said that all parties would benefit from the launch of OPNX.