Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy

Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy

Following the current courtroom submitting from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to answer subpoenas despatched through Twitter. Su Zhu, one of many co-founders, not too long ago tweeted about his new crypto enterprise, Open Exchange. The change goals to offer customers with the power to commerce or use portfolio margin with claims in opposition to bankrupt cryptocurrency corporations.

3AC Co-Founders Launch Bankruptcy-Focused Crypto Exchange, Community Reacts Skeptically

Su Zhu, co-founder of the defunct crypto hedge fund Three Arrows Capital (3AC), stated on Thursday that June-July 2022 was a “total darkness” for him and his companion, Kyle Davies. “It was a dark period, and we were not perfect in how we handled the fallout, but we were determined to do all we could,” Zhu tweeted.

He went on to emphasise that “words and liquidations can only go so far,” and the duo needs to construct one thing that “takes all the pain, lessons, and uses it to advance crypto.”

“It is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon [at] opnx.com,” Zhu added. The information of Zhu and Davies beginning a brand new enterprise with two executives from Coinflex change was reported in mid-January 2023.

The change plans to permit merchants to commerce a chapter declare from a defunct crypto platform and maintain it as portfolio margin. Currently, the change is just not operational and has a waitlist. Zhu additional famous that “FLEX will be the primary token of the new exchange.”

The web site shows logos of failed platforms resembling Genesis, Celsius, FTX, Blockfi, Voyager, Hodlnaut, Mt Gox, Vauld, and Zipmex, in addition to the 3AC brand. The web site’s manifesto states {that a} “$20 billion market of claimants is desperately seeking a solution.”

Zhu’s announcement was not well received on social media, as some members of the crypto neighborhood expressed disgust. “Yeah, you lost all rights to work in this industry again,” wrote Magdalena Gronowska. “Instead of launching new scams, you should focus on talking to your lawyers,” she added. “Shut the hell up loser,” responded Nic Carter to Zhu’s tweet.

What are your ideas on the brand new bankruptcy-focused crypto change and its mission to monetize and commerce claims? Share your opinions within the feedback under.

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