New VC fund launched by Three Arrows Capital founders.
On June 21, the OPNX exchange announced a new ecosystem partner named “3AC Ventures.” This platform is for trading claims against bankrupt crypto entities. According to the developers, “the partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.” Su Zhu and Kyle Davies founded OPNX. They also co-founded the now-bankrupt Singaporean hedge fund Three Arrows Capital (3AC).
Kyle Davies commented on the announcement, saying, “3AC is dead, long live 3AC Ventures.” Users who visit the firm’s landing page are greeted with the text “3AC Ventures is focused on superior risk-adjusted returns without leverage,” along with an email contact.
3AC filed for bankruptcy in the British Virgin Islands in June 2022 due to a series of leveraged trades that went wrong amid a cryptocurrency bear market and its exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022. Kyle Davies and Su Zhu could not be located after the bankruptcy filing, though media activity suggests they spend their time in Dubai and Indonesia.
At its peak, 3AC reportedly managed $10 billion in assets. During its bankruptcy, the firm had creditor claims of $3.4 billion. On June 15, 3AC 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 citizenship does not subject him to the jurisdiction of the United States.
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The OPNX exchange launched this April and initially saw little to no trading activity during the first few days. However, it has since surpassed $30 million in daily average volume. The exchange launched its native token, OX, on May 31, which surpassed a fully diluted market cap of $300 million at the time of publication.
3AC is dead, long live 3AC Ventures https://t.co/61s8uQquOZ
— Kyle Davies (@KyleLDavies) June 21, 2023
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