New VC fund launched by Founders of Three Arrows Capital.

Co-founders of Three Arrows Capital, a crypto hedge fund that filed for bankruptcy in 2022, Su Zhu and Kyle Davies, have launched a new venture capital fund called 3AC Ventures. The fund aims to invest in projects that contribute to the decentralized future of finance without relying on leverage.

The Rise and Fall of a Crypto Star

Three Arrows Capital, originally a foreign exchange arbitrage firm founded in 2012, pivoted to cryptocurrencies in 2017. At its peak, the fund managed about $18 billion in assets and backed projects like Aave, Avalanche, Luna, Solana, and Polkadot. However, it filed for bankruptcy in June 2022 in the British Virgin Islands due to creditor claims exceeding $3 billion, after the Terra Luna ecosystem imploded.

Since the bankruptcy, the founders have resurfaced with the launch of 3AC Ventures, which will invest in projects within the OPNX ecosystem through its partnership with Open Exchange (OPNX). The fund will focus on “superior risk-adjusted returns without leverage”.

The Launch of 3AC Ventures by Three Arrows Capital’s Founders

Zhu and Davies co-founded OPNS in April 2023 and launched its native token, OX, in May 2023. The OX token has reached a fully diluted market cap of $300 million at the time of writing, and OPNX surpasses $30 million in daily average volume.

However, 3AC liquidators have filed a motion against Davies for contempt of court, accusing him and Zhu of hiding their whereabouts and failing to engage in asset recovery. The motion does not apply to Zhu, who is a Singaporean citizen.

The launch of the VC fund has polarized the crypto market, with some considering it a good move while others are wary of the founders’ competence. Davies remains undeterred and said, “We are keen to collaborate with those brave enough to tackle the most significant challenges and create cutting-edge products.”

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

BlockChain

Ethereum price shows signs of increase, but resistance is crucial.

The Ethereum price is experiencing strong support above the $1,875 zone against the US Dollar. There is potential for...

News

Ethereum’s Dencun Upgrade: Lowering Costs and Improving Efficiency

The highly anticipated Dencun upgrade has been successfully implemented on the Ethereum testnet Holesky. The next ste...

News

Ethereum Funds New ‘Zu-Villages’ Inspired by Invite-Only Gathering

Last year, Vitalik Buterin launched an exclusive retreat called Zuzalu, which was a great success. Now, the Ethereum ...

DeFi

CEX price feed safeguards against $100M vulnerability to prevent Curve price collapse.

Curve Finance is a highly regarded DeFi protocol renowned for its exceptional liquidity services, although it encount...

DeFi

Curve-Vyper exploit: The story so far

Curve Finance pools faced a reentrancy attack on July 30, causing a stir in the DeFi ecosystem. Cointelegraph provide...

Web3

Clarifying the background of virtual asset exchanges under the coverage of the Hong Kong Securities and Futures Commission 2 licensed + 5 in the application process

Although this road towards compliance is full of bumps and difficulties, ancient sayings have already given us words ...