Back

Bankrupt Three Arrows Capital Rises From the Dead, Rebrands to 3AC Ventures

author avatar

Written by
Martin Young

editor avatar

Edited by
Kyle Baird

22 June 2023 05:26 UTC
Trusted
  • Three Arrows Capital returns as 3AC Ventures to invest in decentralized projects.
  • The new firm is a partner of claims exchange OPNX, handling $20B in claims.
  • Bankrupt 3AC hedge fund's return received mixed reactions from the crypto community.
Promo

Embattled crypto venture firm Three Arrows Capital (3AC) has returned under a new guise. The new iteration, called 3AC Ventures, was announced by bankruptcy claims exchange OPNX stirring a response from the crypto community.

On June 21, OPNX announced its new ecosystem partner, 3AC Ventures, adding:

“The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.”

Sponsored
Sponsored

3AC Ventures Revived

OPNX (Open Exchange) is a claims exchange launched in April and co-founded by CoinFLEX executives and 3AC’s Kyle Davies and Su Zhu. The exchange was originally launched under the name ‘GTX.’

OPNX claims that it has been built for 20 million users with $20 billion in claims trapped in bankruptcy proceedings. It is currently handling claims for Celsius customers as well as FTX, BlockFi, Genesis, Voyager, and 3AC claims coming soon.

“3AC is dead, long live 3AC Ventures,” tweeted Davies on June 21.

The newly unveiled firm already has a website, but it displays one message:

“3AC Ventures is focused on superior risk-adjusted returns without leverage.”

There is very little additional information on 3AC Ventures, the new iteration of the defunct crypto venture company. Additionally, Davies claims that it “aims to provide support for projects that are building for a decentralized future.”

The 3AC crypto hedge fund filed for bankruptcy in June last year following major losses in the wake of the Terra/Luna ecosystem collapse. Both Davies and Zhu disappeared following the collapse of the company. Furthermore, the firm had creditor claims of $3.4 billion following its bankruptcy.

Sponsored
Sponsored

Find out how to build a crypto community:

How To Build a Loyal Crypto Community From Scratch

The crypto community had mixed reactions. Former BitMEX CEO Arthur Hayes asked, “Why did 3AC die, please enlighten us?” Others just exclaimed, “Holy shit is this real lol.”

Davies retweeted a comment from “@quamfywhale,” stating:

“3AC was the biggest victim of FTX manipulation of using client collateral to trade against them which they used to liquidate 3AC. Why are clowns mad at 3AC and calling them scammers.”

OPNX Token Hits ATH

The Open Exchange token OX surged to an all-time high on June 21 following the news. OX reached its peak of $0.032 around 14 hours ago.

Open Exchange Token (OX) Price Chart. Source: CoinGecko
Open Exchange Token (OX) Price Chart. Source: CoinGecko

The token, launched in late May, has since retreated slightly to trade at $0.028 at the time of writing.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.