On June 21, Open Exchange (OPNX), a platform for trading claims against bankrupt crypto entities, announced a new ecosystem partner dubbed “3AC Ventures.” According to developers, “the partnership will invest in projects building in 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).
Citing the announcement, Davies 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 an 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 its exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022. Both Davies and 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 Zhu, whose Singaporean citizenship does not subject him to the jurisdiction of the United States.
Launched this April, OPNX witnessed little to no trading activity during its first few days but 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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