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