New '3AC' exchange launch comes under fire

Despite Zhu Su’s attempts to rebuild trust after the devastating collapse of 3AC last year, investors have not yet recovered from the wounds caused.

3AC founders and Coinflex to build a crypto exchange

Due to the failure of the Terra LUNA project last year, the Three Arrows Capital (3AC) hedge fund saw one of the greatest cryptos falls ever.

The most recent development is the growth of a new project, called Open Exchange (OPNX). The official website for the collaborative project between 3AC founders and Coinflex to create a crypto exchange went live on Feb. 9.

It will be the world’s first public marketplace for trading in crypto claims and derivatives, according to Open Exchange’s official Twitter account. It aspires to become the most transparent centralized exchange in the future (CEX).

1/ Introducing Open Exchange.
Open Exchange will start as the world’s first public marketplace for crypto claims trading and derivatives.
Then become the world’s most radically transparent CEX.
The claims waitlist is now open @ https://t.co/Q2HsUqSZ7E 🧵👇
— OPNX Official (@OPNX_Official) February 9, 2023

Yesterday, 3AC co-founder Zhu Su also posted a thorough thread detailing how the initiative came about due to a desire to learn from the past. In June 2022, after 3AC fell, he claimed that it was necessary to resume after a dark period. Zhu Su said he met with the CEO of Coinflex during the 3AC crash to advance crypto.

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

The two participants intend to establish an open market for trading in derivatives and cryptos. Every balance, liquidation, withdrawal, deposit, and trade on the Open Exchange will be verified through real-time public cryptographic audits.

The launch of the exchange project supported by the insolvent hedge fund 3AC founders sparked a Twitter horde of angry community members who vented their frustration with the status of the crypto space.

Angry members of the crypto community expressed disappointment about this new effort. The name of the exchange was questioned by a member of the community, who said it might be a hoax.

“Open Exchange”
Open to what? getting scammed?
They lost their pride and money, but at least they haven’t lost their stupidity, clearly https://t.co/PeJhlKVKD8
— Thales (Tahless’) || HXRO (✖️,✖️) (@ThalesHXRO) February 9, 2023

Additionally, a different community member vowed to intimidate exchange members and never trade in the exchange. “I don’t care how effective the fees, liquidation process, or funding arbs will be,” they wrote.

Zhu Su claimed he deserved a second chance in his message from Feb. 9.

Source: https://crypto.news/new-3ac-exchange-launch-comes-under-fire/