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Following the bankruptcy of Three Arrows Capital (3AC), a new initiative called "3AC Ventures" has emerged, signaling a fresh start for the co-founders of the defunct Singaporean hedge fund. Su Zhu and Kyle Davies have shifted their focus towards a decentralized future, breathing life into projects within the OPNX network—an outlet for trading insolvent crypto claims.
Kyle Davies, paying homage to their past business, stated, "3AC is dead, long live 3AC Ventures." This rebirth signifies a change in strategy, as reflected in the firm's digital welcome banner, emphasizing a focus on "superior risk-adjusted returns without leverage."
The downfall of 3AC occurred when the hedge fund filed for insolvency in the British Virgin Islands in June 2022. A combination of ill-fated leveraged trades in a bearish cryptocurrency market and the fallout from the $40 billion collapse of the Terra Luna ecosystem contributed to their demise. Following these events, Zhu and Davies seemingly disappeared, although reports indicate their presence in Dubai and Indonesia.
At its peak, 3AC managed a substantial $10 billion in assets, but the bankruptcy left the firm facing creditor claims totaling $3.4 billion. Legal proceedings commenced in mid-June, with the United States court targeting Davies, while Zhu remained exempt due to his Singaporean nationality.
Meanwhile, the OPNX platform has gained significant momentum. Despite initially slow trading activity, it now boasts a daily average volume exceeding $30 million. Adding to this growth, the platform introduced its native token, OX, on May 31, which has already achieved a fully diluted market cap of $300 million.
The tale of 3AC's fall and subsequent rise signifies a noteworthy shift in the dynamics of the crypto world, where failures pave the way for promising new ventures.
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