Open Exchange (OPNX), a platform for trading claims against bankrupt crypto entities, caught the attention of the crypto space after announcing its latest ecosystem partner.
Hedge Fund Three Arrows Capital Relaunches as Three Arrows Ventures
Open Exchange (OPNX), a platform for trading claims against bankrupt crypto entities, caught the attention of the crypto space after announcing its latest ecosystem partner called "3AC Ventures."
Using the same name and logo as Three Arrows Capital, 3AC Ventures claims to be “focused on superior risk-adjusted returns without leverage.”
Su Zhu and Kyle Davies, who both co-founded the now-bankrupt Singapore-based hedge fund Three Arrows Capital (3AC), launched OPNX. Due to a string of risky leveraged bets made during the bear market and its exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022, 3AC filed for bankruptcy in June 2022.
Following the announcement, Davies tweeted:
“3AC is dead, long live 3AC Ventures."
At its peak, 3AC reportedly managed $10 billion in assets and had creditor claims of $3.4 billion during its bankruptcy. During its initial days, OPNX saw little to no trading activity, but since then, the daily average volume has exceeded $30 million. On May 31, the exchange introduced OX, its native token.
