3AC co-founders launch marketplace to trade crypto claims 3AC co-founders launch marketplace to trade crypto claims
Open Exchange said there is "a $20 billion market of claimants" desperately searching for a marketplace to monetize their claims against bankrupt crypto firms.
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Updated: Feb. 9, 2023 at 10:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Founders of bankrupt crypto hedge fund Three Arrows Capital founders Zhu Su and Kyle Davies, in collaboration with CoinFLEX co-founders, have launched the “first public marketplace for crypto claims” Open Exchange.
According to a Feb. 9 Twitter thread, Open Exchange (OPNX) said there is “a $20 billion market of claimants” desperately searching for a marketplace to monetize their claims against bankrupt crypto firms like FTX, Voyager, Celsius, Genesis, BlockFi, Mt Gox, HodlNaut, 3AC, and many others.
The new centralized exchange added that it would build a centralized exchange with “real-time public cryptographic audits of the leverage in the system— the collateral backing open interest.”
“Our goal is to combine the transparency and trustlessness of DeFi, with the performance and UX of a CEX.”
OPNX said its native token would be CoinFLEX’s FLEX. The token acts as the exchange’s fee-paying token and would maintain its current tokenomics.
Zhu Su corroborated the exchange’s statement in a separate Twitter thread. He added that the exchange would implement all the previous year’s knowledge into their new operations.
CryptoSlate previously reported that the 3AC founders sought $25 million to launch a new crypto exchange called GTX.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
BlockFi
BlockFi is a defunct cryptocurrency lender company which is currently in bankruptcy proceedings.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
CoinFLEX
CoinFLEX is a cryptocurrency exchange for spot and margin trading that founded in 2019.
Kyle Davies is an entrepreneur and businessman based in Singapore who co-founded Three Arrows Capital (3AC), a bankrupt cryptocurrency hedge fund.
