Following the collapse of 3 Arrows Capital, founders Su Zhu and Kyle Davies bid their time for a short while before announcing a new crypto platform, OPNX.
Despite initially having almost no trading volume whatsoever, it seems that some have decided to entrust their funds to a company whose founders had already run their first significant venture aground. Currently, OPNX’s daily trading volumes have surpassed $34 million.
It didn’t take long for the controversial exchange to be reprimanded by authorities for conducting unregulated activity. However, the frustration from regulators and crypto community members seems to have fallen on deaf ears.
Since then, the projects of the 3AC founders have been getting more and more ambitious. Last week, OPNX announced that they would be tokenizing Celsius bankruptcy claims in an attempt to help Celsius claimants.
Although an attempt by bankrupted founders of one crypto platform to help investors of yet another bankrupted crypto platform might seem strange at the very least, this hasn’t stopped Zhu and Davies from moving on to another project: a brand-new VC fund.
Yesterday, OPNX announced the creation of a “brand new” venture capital fund named 3AC Ventures.
Understandably, the news was met with derision by the crypto community, with one user highlighting that at least the pair had realized where it went wrong last time.
Currently, the website for “3AC Ventures” (not to be confused with the bankrupt hedge fund known as 3AC) claims to offer “superior risk-adjusted returns without leverage” and invites prospective investors to email them for more details – probably in order to prevent unwanted solicitation, such as requests for answers regarding the founders’ previous fund.
Although OPNX has miraculously managed to side-step the justifiably angry crowds and pick up steam, it remains to be seen whether the investment fund at 3AC Ventures will see any offers from interested parties.
At any rate, the community seems to be having a laugh at the news, even going so far as to suggest a new CEO that could inspire trust in the newly-founded investment fund.
Announcing new CEO, congrats! pic.twitter.com/nG6uouMPeK
— George Harrap ☀️ (@George_harrap) June 21, 2023
In the meantime, the court case regarding the first 3AC fund is ongoing, with Kyle Davies at risk of being held in contempt of court for failing to assist in asset recovery.
