{"id":17501,"date":"2023-02-10T18:20:51","date_gmt":"2023-02-10T18:20:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/three-arrows-capital-co-founder-announces-new-crypto-venture-open-exchange-amid-bankruptcy-controversy-bitcoin-news\/"},"modified":"2023-02-10T18:20:51","modified_gmt":"2023-02-10T18:20:51","slug":"three-arrows-capital-co-founder-announces-new-crypto-venture-open-exchange-amid-bankruptcy-controversy-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/three-arrows-capital-co-founder-announces-new-crypto-venture-open-exchange-amid-bankruptcy-controversy-bitcoin-news\/","title":{"rendered":"Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about his new crypto venture, Open Exchange. The exchange aims to provide users with the ability to trade or use portfolio margin with claims against bankrupt cryptocurrency firms.<\/strong><\/p>\n

3AC Co-Founders Launch Bankruptcy-Focused Crypto Exchange, Community Reacts Skeptically<\/h2>\n

Su Zhu, co-founder of the defunct crypto hedge fund Three Arrows Capital (3AC), stated<\/a> on Thursday that June-July 2022 was a \u201ctotal darkness\u201d for him and his partner, Kyle Davies. \u201cIt was a dark period, and we were not perfect in how we handled the fallout, but we were determined to do all we could,\u201d Zhu tweeted<\/a>.<\/p>\n

He went on to emphasize that \u201cwords and liquidations can only go so far,\u201d and the duo wants to build something that \u201ctakes all the pain, lessons, and uses it to advance crypto.\u201d<\/p>\n

\u201cIt is with humility that we announce the claims waitlist is now open, with site UI\/UX beta testing coming very soon [at] opnx.com,\u201d Zhu added<\/a>. The news of Zhu and Davies starting a new venture with two executives from Coinflex exchange was reported in mid-January 2023.<\/p>\n

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The openx.com website.<\/figcaption><\/figure>\n

The exchange plans to allow traders to trade a bankruptcy claim from a defunct crypto platform and hold it as portfolio margin. Currently, the exchange is not operational and has a waitlist. Zhu further noted that \u201cFLEX will be the primary token of the new exchange.\u201d<\/p>\n

The website displays logos of failed platforms such as Genesis, Celsius, FTX, Blockfi, Voyager, Hodlnaut, Mt Gox, Vauld, and Zipmex, as well as the 3AC logo. The website\u2019s manifesto states that a \u201c$20 billion market of claimants is desperately seeking a solution.\u201d<\/p>\n

Zhu\u2019s announcement was not well received<\/a> on social media, as some members of the crypto community expressed disgust. \u201cYeah, you lost all rights to work in this industry again,\u201d wrote<\/a> Magdalena Gronowska. \u201cInstead of launching new scams, you should focus on talking to your lawyers,\u201d she added. \u201cShut the hell up loser,\u201d responded<\/a> Nic Carter to Zhu\u2019s tweet.<\/p>\n

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$20 billion market<\/a>, 3AC<\/a>, 3AC Bankruptcy<\/a>, 3AC bankruptcy case<\/a>, Bankruptcy<\/a>, Blockfi<\/a>, Celsius<\/a>, Claimants<\/a>, claims<\/a>, co-founders<\/a>, Coinflex exchange<\/a>, crypto community<\/a>, crypto hedge fund<\/a>, dark period<\/a>, disgust<\/a>, failed platforms<\/a>, fallout<\/a>, FLEX<\/a>, ftx<\/a>, genesis<\/a>, Hodlnaut<\/a>, Kyle Davies<\/a>, Magdalena Gronowska<\/a>, manifesto<\/a>, mid-January 2023<\/a>, Mt Gox<\/a>, nic carter<\/a>, Open Exchange<\/a>, portfolio margin<\/a>, primary token<\/a>, reception<\/a>, Social Media<\/a>, Su Zhu<\/a>, Three Arrows Capital<\/a>, Traders<\/a>, Tweet<\/a>, Vauld<\/a>, voyager<\/a>, waitlist<\/a>, website<\/a>, Zipmex<\/a><\/div>\n<\/div>\n

What are your thoughts on the new bankruptcy-focused crypto exchange and its mission to monetize and trade claims? Share your opinions in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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