The crypto community, on June 21, was stirred by the news that Three Arrows Capital – the crypto hedge that went bankrupt on July 22 with more than $3.5 billion in debt – announced its return to the market. Three Arrows Capital appears to have changed its name to “3AC Ventures”, in which 3AC is the unofficial abbreviation of the former Three Arrows Capital.
3AC Ventures has been announced as the newest partner of OPNX, the crypto exchange led by two founders of Three Arrows Capital, Zhu Su and Kyle Davies, launched in April 2023. OPNX attracts attention with its claim to allow traders to buy and sell claims against bankrupt firms such as FTX, Genesis, Celsius, Voyager, BlockFi, and even 3AC. However, the trading volume of this platform is quite low.
OPNX also announced its own token called OX, which brings many benefits to holders when trading and staking on the exchange. OPNX said 3AC Ventures “will invest in projects building in the OPNX ecosystem and working towards a decentralized future”. On the fund’s new website, it wrote: “3AC Ventures is focused on superior risk-adjusted returns without leverage”.
In June 2022, 3AC filed for bankruptcy after a plunge in cryptocurrencies and the collapse of the terraUSD (UST) stablecoin project wiped out its assets. Both Kyle Davies and Zhu Su could not be located after the bankruptcy filing, though media activity suggests they spend their time in Dubai and Indonesia.
Davies and Zhu recently appeared in a New York Times article, reporting the bankruptcy process of Three Arrows Capital, saying that moving to Bali and staying a healthy lifestyle helped them overcome their mental troubles to come back.
The two fund founders, Zhu Su and Kyle Davies, have ignored requests of the US and Singapore courts many times, refusing to provide information about Three Arrows Capital’s wallet to help liquidators recover more assets.