- Developers claim that the new venture will invest in projects linked to the OPNX ecosystem.
- The defunct firm reportedly handled $10 billion in assets at its height.
On June 21, the platform Open Exchange (OPNX), which allows users to trade claims against insolvent crypto companies, made an announcement about a new ecosystem partner that would be known as “3AC Ventures.” Developers claim that the new venture will invest in projects linked to the OPNX ecosystem. Su Zhu and Kyle Davies, who also formed the defunct Singaporean hedge fund Three Arrows Capital (3AC), established OPNX.
Davies responded to the news by saying, “3AC is dead, long live 3AC Ventures.” Due to their exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022 and a string of unsuccessful leveraged trades during a cryptocurrency bear market, 3AC filed for bankruptcy in the British Virgin Islands in June 2022.
3AC is dead, long live 3AC Ventures https://t.co/61s8uQquOZ
— Kyle Davies 🐂 (@KyleLDavies) June 21, 2023
After filing for bankruptcy, Davies and Zhu disappeared without a trace, while recent media reports place them in Dubai and Indonesia, respectively.
Daily Average Volume Surges
The defunct firm reportedly handled $10 billion in assets at its height. The total demands from creditors were $3.4 billion when the company declared bankruptcy. On June 15th, 3AC’s liquidators filed a petition in a U.S. court seeking to find Davies in contempt of court.
Zhu, however, is not affected by the motion since his Singaporean citizenship shields him from U.S. jurisdiction.
Although its April launch saw almost no trading activity, OPNX has already increased its daily average volume to over $30 million. On May 31st, the exchange released its native token, OX, which had a market worth of over $300 million at the time of writing.
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