In a surprising turn of events, Three Arrows Capital (3AC), a crypto venture firm that filed for bankruptcy last year, has resurfaced under a new identity: 3AC Ventures. The announcement, made by bankruptcy claims exchange OPNX, has stirred both curiosity and debate within the crypto community. The new partnership aims to invest in projects within the OPNX ecosystem and contribute to the advancement of decentralized solutions. With limited information available, industry players eagerly await further insights into the revived venture.
OPNX and 3AC Ventures Collaboration:
On June 21, OPNX, a claims exchange co-founded by CoinFLEX executives and 3AC’s Kyle Davies and Su Zhu, revealed its collaboration with 3AC Ventures. OPNX, initially launched as GTX, claims to have been designed for 20 million users and currently manages approximately $20 billion in claims associated with bankruptcy proceedings. The platform handles claims for prominent crypto companies such as Celsius, FTX, BlockFi, Genesis, Voyager, and soon, 3AC.
Resurrection of 3AC Ventures:
Kyle Davies took to Twitter to proclaim, “3AC is dead, long live 3AC Ventures,” signaling the rebranding and resurrection of the defunct crypto venture company. Although a website for 3AC Ventures already exists, it merely emphasizes the firm’s dedication to superior risk-adjusted returns without leverage. Further details about the company’s objectives and investment strategies remain elusive. However, Davies has expressed a commitment to supporting projects that align with the vision of a decentralized future.
Bankruptcy and Creditor Claims:
The original 3AC crypto hedge fund faced financial challenges and filed for bankruptcy in June of the previous year following substantial losses associated with the Terra/Luna ecosystem collapse. Both Kyle Davies and Su Zhu disappeared from the public eye following the firm’s downfall. Moreover, the bankruptcy proceedings revealed creditor claims amounting to $3.4 billion against 3AC, underscoring the magnitude of the company’s financial troubles.
Mixed Reactions from the Crypto Community:
The crypto community has responded with a mix of curiosity and skepticism to the return of 3AC Ventures. Former BitMEX CEO Arthur Hayes questioned the circumstances behind 3AC’s demise, while others expressed disbelief at the resurrection, exclaiming, “Holy shit is this real lol.” In a retweet, Davies highlighted a comment suggesting that 3AC fell victim to alleged manipulation by FTX, which purportedly utilized client collateral to trade against them, ultimately leading to the liquidation of 3AC. This claim has generated debate and further speculation.
OX Token’s Price Surge:
The news of the collaboration between OPNX and 3AC Ventures had a significant impact on the Open Exchange token (OX) price, which reached an all-time high of $0.032 shortly after the announcement. However, the token has experienced a slight decline since then, currently trading at $0.028 at the time of writing. The surge in OX price highlights the market’s interest and response to developments surrounding 3AC Ventures.
The emergence of 3AC Ventures as a new player in the crypto investment landscape has sparked both interest and skepticism. As the details of this revamped venture unfold, industry observers eagerly await insights into its investment strategies and future projects. The collaboration with OPNX opens doors for potential decentralized solutions and signifies a renewed commitment to the crypto ecosystem. Only time will tell whether 3AC Ventures can overcome its past setbacks and contribute to the advancement of the decentralized future it seeks to support.