Following the recent court filing by the liquidators of Three Arrows Capital (3AC) alleging frustration with the co-founders of 3AC for allegedly failing to respond to subpoenas sent via Twitter. His Zhu, one of the co-founders, recently tweeted about his new crypto company, Open Exchange. The exchange aims to give users the ability to trade or use portfolio margin with claims against bankrupt cryptocurrency companies.
3AC Co-Founders Launch Bankruptcy-Focused Crypto Exchange, Community Reacts Skeptical
Su Zhu, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), fixed Thursday of that June-July 2022 was “total darkness” for him and his partner, Kyle Davies. “It was a dark period, and we weren’t perfect in how we handled the consequences, but we were determined to do our best,” Zhu tweeted.
He went on to emphasize that “words and payoffs can only go so far,” and the duo want to build something that will “take all the pain, the lessons, and use it to advance crypto.”
“It is with humility that we announce that the claims waiting list is now open, with site UI/UX beta testing coming soon (at) opnx.com,” Zhu aggregate. The news that Zhu and Davies started a new company with two executives from the Coinflex exchange was reported in mid-January 2023.
The exchange plans to allow traders to trade a bankruptcy claim of a defunct crypto platform and keep it as portfolio margin. The exchange is currently not operational and has a waiting list. Zhu further noted that “FLEX will be the main token of the new exchange.”
The website displays logos of failed platforms such as Genesis, Celsius, FTX, Blockfi, Voyager, Hodlnaut, Mt Gox, Vauld, and Zipmex, as well as the 3AC logo. The website’s manifesto claims that a “$20 billion market of plaintiffs is desperately seeking a solution.”
Zhu’s announcement was not well received on social media, as some members of the crypto community expressed their displeasure. “Yes, you lost all rights to work in this industry again.” wrote Madeleine Gronowska. “Instead of launching new scams, you should focus on talking to your lawyers,” she added. “Shut up, loser” answered Nic Carter to Zhu’s tweet.
What do you think about the new bankruptcy-focused crypto exchange and its mission to monetize and trade claims? Share your thoughts in the comments below.
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