Shu Su and Kyle Davis, founders of defunct hedge fund Three Arrows Capital (3AC), have announced the launch of a cryptocurrency project, Open Exchange, or OPNX.
Both Zhu and Davies retweeted an April 4 announcement from OPNX CEO Leslie Lamb, who said the exchange was open for “immediate trading of spot and futures.” According to the CEO, the exchange was launched in hopes of “helping the industry” in the event of platforms such as FTX and Celsius collapsing. “Claims trading is going to be the next thing we roll out so these adjusters have a chance to get back on their feet,” Lamb said.
The exchange, the brainchild of 3AC co-founders and top executives at cryptocurrency investment platform Coinflex which is currently subject to a Seychelles-approved restructuring plan launched its website in February. Three Arrows Capital, a crypto-friendly hedge fund that once held $10 billion in assets, went bankrupt in the 2022 market crash. Following the collapse of 3AC, Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam later said they would work with Zhu and Davies to build a new platform, which was reportedly initially dubbed “GTX” before the team settled on OPNX . U.S. authorities also issued a subpoena to Davis via Twitter for his alleged role in the collapse of 3AC.
The whereabouts of Davis and Zhu were unknown at press time. However, the two co-founders of 3AC continue to be active on social media channels.
