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On June 21, OPNX, a platform for trading claims against failed crypto-currency organizations, announced a new ecosystem partner dubbed “3AC Ventures.” According to the developers, “the partnership will invest in projects that are built in the OPNX ecosystem and work towards a decentralized future.” OPNX was founded by Su Zhu and Kyle Davis, who co-founded failed Singaporean hedge fund Three Arrows Capital (3AC).
Referring to the announcement, Kyle Davis commented, “3AC is dead, long live 3AC Ventures.” On the firm’s landing page, users are greeted with the text “3AC Ventures is focused on superior risk-adjusted returns without leverage” along with a contact email address.
In June 2022, 3AC filed for bankruptcy in the British Virgin Islands due to an unsuccessful series of leveraged transactions amid the cryptocurrency bear market and its exposure to the collapse of the $40 billion Terra Luna ecosystem in May 2022. Both Davis and Zhu could not be found after filing for bankruptcy, although media activity suggests they spend their time in Dubai and Indonesia.
At its peak, 3AC reportedly managed $10 billion in assets. At the time of the bankruptcy, the firm had $3.4 billion in creditor claims. On June 15, 3AC’s liquidators filed a motion to find Davis guilty of contempt of court in the United States. However, this petition does not apply to Su Zhu, whose Singaporean citizenship does not fall under US jurisdiction.
Launched in April of this year, OPNX saw little to no trading activity in its first few days, but has since averaged over $30 million in daily volume. The exchange launched its own OX token on May 31, which has a market capitalization of over $300 million at press time.
3AC is dead, long live 3AC Ventures https://t.co/61s8uQquOZ
— Kyle Davies (@KyleLDavies) June 21, 2023