The launch of the exchange project backed by failing hedge fund Three Arrows Capital (3AC) drew a crowd of angry community members who took to Twitter, expressing their disappointment with the state of the crypto space.
Open Exchange, a crypto exchange project initially proposed by 3AC and Coinflex, launched a website and opened a waiting list on February 9. 3AC founder Zhu Su noted that the project is a way to atone for his past mistakes. However, many members of the community were infuriated by the release.
A community member disputed the name of the exchange, suggesting that it could lead to a scam. They tweeted:
“Open Exchange”
Open to what? being scammed?
They lost their pride and their money, but at least they haven’t lost their stupidity, clearly https://t.co/PeJhlKVKD8
— Tales (Tahless’) || HXRO (✖️,✖️) (@ThalesHXRO) February 9, 2023
Another community member swore never trade on the exchange and intimidate the users of the exchange. “I don’t care how good the rates are, how good the settlement mechanism is, or how good the funding arbitrariness will be,” they wrote. Furthermore, one Twitter user even wished to do harm to those who will use the exchange.
Some kept their reactions simple and fair. wrote “no thanks” to the ad or described as an April Fool’s Day prank that came early.
Meanwhile, not everyone is opposed to the idea of an exchange that allows claims to be traded. A member of the community described as a “cool idea” and said that those who “cry in the comments” will use the exchange to trade their claims and get settled again.
Related: Investors look to sell FTX, Celsius, BlockFi, Voyager claims
On January 16, the founders of 3AC and Coinflex began raising funds for the exchange project. The project announced that it was looking to raise $25 million to target claims against failing companies like FTX, Celsius and Voyager.
On Feb. 4, BitMEX co-founder Arthur Hayes cited an anonymous source, saying that the 3AC founders completed the raise. Hayes expressed his frustration and said that the bull market must be starting. He tweeted:
the little bird told me @KyleLDavies and @zhusu completed his raise. It must be the start of a bull market if these muppets make money less than a year after they torched $18 billion worth of bullshit coins. I’m not mad at you, but the boy needs his money back. Lift tickets are expensive.
—Arthur Hayes (@CryptoHayes) February 3, 2023
Michael Arrington, founder of TechCrunch described like the “saddest shit” he’s heard in a long time. Meanwhile, Macro Financial executive Nik Bougalis saying 3AC founders raising new funds is embarrassing and indicates everything that is wrong with the space, saying that anyone who provides funds to 3AC founders should be “treated as a scammer.”
