{"id":52843,"date":"2023-06-22T07:00:26","date_gmt":"2023-06-22T11:00:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52843"},"modified":"2023-06-22T07:00:29","modified_gmt":"2023-06-22T11:00:29","slug":"opnx-teams-up-with-bankrupt-3acs-successor","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/opnx-teams-up-with-bankrupt-3acs-successor\/","title":{"rendered":"OPNX Teams Up with Bankrupt 3AC\u2019s Successor"},"content":{"rendered":"\n

OPNX, a claims exchange for bankrupt crypto firms, announced its partnership with 3AC Ventures<\/a>, a new venture capital firm founded by the former executives of the collapsed crypto hedge fund Three Arrows Capital.<\/p>\n\n\n\n

\"OPNX<\/figure>\n\n\n\n

OPNX, a claims exchange that allows users to trade debt claims on bankrupt crypto companies, has revealed its new ecosystem partner, 3AC Ventures,<\/strong> a venture capital firm that aims to invest in projects that contribute to the OPNX ecosystem and promote a decentralized future.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/OPNX_Official\/status\/1671503264263831553\n<\/div><\/figure>\n\n\n\n

However, the announcement has sparked controversy and skepticism in the crypto community, as 3AC Ventures is the rebranded version of Three Arrows Capital (3AC). <\/p>\n\n\n\n

This crypto hedge fund filed for bankruptcy last year after losing billions of dollars in leveraged trades and exposure to the Terra Luna ecosystem.<\/p>\n\n\n\n

A Claims Exchange for Bankrupt Crypto Firms<\/h3>\n\n\n\n

OPNX is a claims exchange co-founded by CoinFLEX executives Kyle Davies<\/a> and Su Zhu,<\/a> who also founded 3AC, a bankrupt crypto hedge fund. <\/p>\n\n\n\n

Launched in April 2021, OPNX targets 20 million users with $20 billion in claims from various crypto entities, such as FTX, BlockFi, Celsius, and Voyager.<\/p>\n\n\n\n

It enables claimants to access their frozen funds, trade them for cryptocurrencies, or use them as margins on the platform. <\/p>\n\n\n\n

On May 31, OPNX launched its native token, OX\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which reached a fully diluted market cap of over $300 million.<\/strong><\/p>\n\n\n\n

New Venture Capital Firm from the Ashes of Three Arrows Capital<\/h3>\n\n\n\n

3AC Ventures is a venture capital firm that OPNX announced on June 21 as its new ecosystem partner. According to OPNX, the partnership will invest in projects that build in the OPNX ecosystem and work towards a decentralized future.<\/p>\n\n\n\n

However, 3AC Ventures is not a new entity but a rebranded version of Three Arrows Capital (3AC), a crypto hedge fund founded by Davies and Zhu in 2012 and managed over $10 billion in assets at its peak.<\/p>\n\n\n\n

In June 2020, 3AC faced financial collapse and filed for bankruptcy<\/use><\/svg><\/span><\/a> in the British Virgin Islands after suffering massive losses from a series of unfortunate leveraged trades during a bear market in the crypto industry. <\/p>\n\n\n\n

Additionally, 3AC suffered from its exposure to the Terra Luna<\/a> ecosystem's $40 billion collapse in May 2020.<\/p>\n\n\n\n

Both Davies and Zhu disappeared from the public eye following the bankruptcy filing. While their exact locations remain unknown, there have been speculations that Davies spends his time in Dubai, while Zhu is believed to be in Indonesia.<\/p>\n\n\n\n

Mixed Reactions to the Partnership<\/h3>\n\n\n\n

The announcement of the partnership between OPNX and 3AC Ventures has received mixed reactions<\/use><\/svg><\/span><\/a> from the crypto community. <\/p>\n\n\n\n

Some users expressed their support and excitement for the new venture, while others voiced mistrust and disdain for the former 3AC executives.<\/p>\n\n\n\n

The response on social media included offensive memes and disparaging comments, questioning the legitimacy and credibility of the partnership. <\/p>\n\n\n\n

Some users also accused Davies and Zhu<\/a> of being scammers and manipulators who caused harm to the crypto industry.<\/p>\n\n\n\n

Former BitMEX CEO Arthur Hayes also joined the conversation on Twitter, asking Davies why 3AC died and requesting him to enlighten the public.<\/p>\n\n\n\n

Davies responded by tweeting, “3AC is dead, long live 3AC Ventures,”<\/use><\/svg><\/span><\/a><\/strong> and claiming that his new firm is focused on superior risk-adjusted returns without leverage. <\/p>\n\n\n\n

He also retweeted a comment from @quamfywhale that blamed FTX for manipulating and liquidating 3AC.<\/p>\n\n\n\n

3AC Ventures' landing page features a brief message about its mission statement and email contact for users. The website provides no additional information about the firm or its portfolio.<\/p>\n\n\n\n

OPNX and 3AC Ventures may have future intentions<\/h3>\n\n\n\n

Despite the criticism and negative reactions, OPNX appears steadfast in its mission to provide a solution and a haven for individuals adversely affected by cryptocurrency crises. <\/p>\n\n\n\n

The company asserts that its Claims product<\/strong> offers a unique opportunity for claimants to access their funds and participate in the crypto market.<\/p>\n\n\n\n

OPNX also claims it has been experiencing remarkable growth since its launch, surpassing a daily average volume of $30 million. <\/p>\n\n\n\n

The company plans to launch more products and features to expand its reach and impact.<\/p>\n\n\n\n

As for 3AC Ventures, it remains to be seen what projects it will invest in or how it will collaborate with OPNX. The firm has not disclosed any details about its strategy or vision for the decentralized future it claims to support.<\/p>\n","protected":false},"excerpt":{"rendered":"

OPNX, a claims exchange for bankrupt crypto firms, announced its partnership with 3AC Ventures, a new venture capital firm founded by the former executives of the collapsed crypto hedge fund Three Arrows Capital. OPNX, a claims exchange that allows users to trade debt claims on bankrupt crypto companies, has revealed its new ecosystem partner, 3AC […]<\/p>\n","protected":false},"author":44,"featured_media":52845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1709,10893,132,14979,1708],"class_list":["post-52843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-3ac","tag-bankruptcy","tag-crypto","tag-opnx","tag-three-arrows-capital"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/OPNX.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52843"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52845"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}