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3AC Founders Launch Brand New VC Fund Related to OPNX
After the collapse of 3 Arrows Capital, founders Su Zhu and Kyle Davies waited a short time before announcing a new crypto platform, OPNX. Although there was initially almost no trading volume, some seem to have decided to entrust their funds to a company whose founders had already failed their first major venture. Currently, OPNX's daily trading volume exceeds $34 million. Profiting from Previous Collapses It didn't take long for the controversial exchange to be reprimanded by authorities for unregulated activities. However, the frustration of regulators and members of the crypto community appears to have fallen on deaf ears. Since then...
3AC Founders Launch Brand New VC Fund Related to OPNX
After the collapse of 3 Arrows Capital, founders Su Zhu and Kyle Davies waited a short time before announcing a new crypto platform, OPNX.
Although there was initially almost no trading volume, some seem to have decided to entrust their funds to a company whose founders had already failed their first major venture. Currently, OPNX's daily trading volume is exceeded 34 million dollars.
Profiting from previous collapses
It didn't take long for the controversial exchange to be reprimanded by authorities for unregulated activities. However, the frustration of regulators and members of the crypto community appears to have fallen on deaf ears.
Since then, the 3AC founders' projects have become increasingly ambitious. Last week, OPNX announced that they would tokenize Celsius bankruptcy claims to help Celsius claimants.
Although the attempt by bankrupt crypto platform founders to help investors in yet another bankrupt crypto platform may seem strange to say the least, that hasn't stopped Zhu and Davies from moving on to another project: a brand new VC fund.
No leverage
Yesterday, OPNX announced the creation of a “brand new” venture capital fund called 3AC Ventures.
Understandably, the news was met with derision from the crypto community. One user emphasized that at least the couple realized what went wrong last time.
Currently, the website for "3AC Ventures" (not to be confused with the bankrupt hedge fund 3AC) claims to offer "superior risk-adjusted returns without leverage" and encourages potential investors to sign up via email for more details - presumably to prevent unsolicited advertising, such as requests for answers about the founders' previous fund.
Although OPNX has miraculously managed to dodge the rightfully angry crowd and gain momentum, it remains to be seen whether the 3AC Ventures investment fund will see 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 formed investment fund.
We announce the new CEO, congratulations! pic.twitter.com/nG6uouMPeK
– George Harrap ☀️ (@George_harrap) June 21, 2023
Meanwhile, court proceedings over the first 3AC fund are ongoing, with Kyle Davies at risk of being charged with contempt of court for failing to assist in the asset recovery.
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