After the collapse of 3 Arrows Capital, founders Su Zhu and Kyle Davies bid their time for a short while before announcing a new crypto platform, OPNX.
Although there was almost no turnover at first at all, some seem to have decided to entrust their money to a company whose founders had already managed their first big project. Currently, the daily trading volumes of OPNX have get over it 34 million dollars.
Take advantage of previous meltdowns
It didn’t take long for the controversial exchange to be reprimanded by the authorities for disorderly activity. However, frustration with regulators and members of the crypto community appears to have fallen on deaf ears.
Since then, the projects of the 3AC founders have become more ambitious. Last week, OPNX announced that it would tokenize Celsius’s bankruptcy claims in an effort to help Celsius’s claims.
Although the founders of one bankrupt crypto platform’s attempt to help investors in another bankrupt crypto platform might sound bizarre to say the least, that didn’t stop Zhu and Davies from moving on to another project: a brand new VC fund.
no leverage
Yesterday, OPNX announce Creation of a “brand new” venture capital fund called 3AC Ventures.
Understandably, the news was met with derision from the cryptocurrency community, with one user highlighting that the couple at least realized where it went wrong last time.
Right now, the website “3AC Ventures” (not to be confused with the bankrupt hedge fund known as 3AC) claims to offer “super risk-adjusted returns without leverage” and invites potential investors to email them for more details – possibly In order to prevent unwanted solicitation, such as requests for answers regarding the previous Founders Fund.
Although OPNX miraculously managed to take a sideline to the justifiably angry crowd and regain strength, it remains to be seen if 3AC Ventures’ investment fund will see any offers from interested parties.
In any case, the community seems to be laughing at the news, even going so far as to suggest a new CEO who could inspire confidence in the newly created investment fund.
Announcing the new CEO, congratulations! pic.twitter.com/nG6uouMPeK
– George Harrap ☀️ (@George_harrap) June 21, 2023
Meanwhile, the court case over the first 3AC fund is ongoing, with Kyle Davies at risk of being held in contempt of court for failing to help recover assets.
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