3AC founders launch new crypto exchange amidst backlash

• 3AC founders Su Zhu and Kyle Davies are launching a new crypto exchange.
• The founders have teamed up with CoinFLEX’s Mark Lamb for their new venture.

In an interesting turn of events, Su Zhu and Kyle Davies, the men behind the failed crypto hedge fund Three Arrows Capital (3AC), have launched a new crypto platform. The platform, called Open Exchange (OPNX), is supposedly:

“The world’s first public marketplace for crypto claims trading and derivatives.”

3AC founder defends launch of new exchange 

In a Twitter thread, 3AC co-founder Su Zhu, who fled Singapore last year after his $10 billion crypto hedge fund collapsed, claimed that his creditors supported the idea of setting up a new crypto exchange. According to him, the creditors believed that OPNX was the wisest way to use the remaining resources. 

1/ june/july was total darkness for me, kyle & our creditors after our bet on accelerating crypto adoption proved fatally wrong

we were crushed by the collapse of the market & the way our misplaced conviction had contributed to the pain https://t.co/eO5jLjrLU7

— Zhu Su 🔺 (@zhusu) February 9, 2023

3AC’s founders were launching Open Exchange in partnership with Mark Lamb, the CEO of CoinFLEX. According to OPNX’s official website, users will be able to use claims against bankrupt crypto firms like FTX, Celsius, Voyager and Three Arrows Capital, among several others, to trade or as margin collateral. The new exchange was looking to tap into what it derived was a $20 billion market of crypto claims. 

On Twitter, Su Zhu announced:

“It is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon.”

However, the waitlist was not open to claimants from the United States at press time.

Zhu further claimed that OPNX will bring together the best of DeFi and CeFi in a bid to unlock trapped claims. 

CoinFLEX’s native token FLEX would serve as the primary token of Open Exchange. It was interesting to note that the FLEX’s price went down more than 30% following the announcement of OPNX’s launch at the time of writing. However, crypto Twitter remained vocal in its disapproval of this new venture from 3AC’s founders at press time.