3AC founder to launch OPNX exchange to trade claims

Su Zhu, co-founder of the collapsed hedge fund 3AC, announced the opening of a waitlist for admission to the OPNX exchange. The platform will offer trading of claims and derivatives on them.

13/ it is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon: https://t.co/uFZUNn9PBq

& for those who asked, yes $FLEX will be the primary token of the new exchange

— Zhu Su 🔺 (@zhusu) February 9, 2023

Investors harmed by the collapse of centralized intermediaries will be able to swap their stuck funds for cryptocurrency, or use them as collateral.

The OPNX website greets visitors with the line: “Got money stuck on a crypto platform?”. Its founders estimate the claims market at $20 billion. Among potential users are clients of FTX, Voyager, Celsius, Genesis, BlockFi, Mt.Gox and others who “desperately seek a solution”.

OPNX believes that nine out of ten affected clients did not file a claim for their losses.

“Our vision is to unlock blocked claims, with radical transparency. We have spoken with creditors about several plans. Everyone we spoke with noted that this is the wisest way to use existing resources,” — Zhu said.

According to him, OPNX will create fully decentralized custody and clearing services. In the future, the product line will be expanded to include equities and currency.

Beta testing of the exchange will begin soon.

The platform will use the FLEX utility token. CoinFlex co-founder and CEO Mark Lamb backed the 3AC founders’ initiative.

In January, media reported plans by Kyle Davis and Zhu to raise $25 million for the launch of the GTX cryptocurrency exchange with active involvement from CoinFlex representatives. In February, former BitMEX CEO Arthur Hayesindicated the possible implementation of such plans.

Zhu noted that OPNX is a means to atone for past mistakes. Many community members greeted the project with skepticism and outrage.

TechCrunch founder Michael Arrington called the initiative “the saddest nonsense” he has heard in a long time.

Three fucking arrows dipshits successfully raising a new fund is the saddest bullshit I’ve heard in a long time. https://t.co/kzaGQFqKTJ

— Michael Arrington 🏴‍☠️ (@arrington) February 4, 2023

CEO Macro Financial Nick Bugalis urged to treat anyone who provides funds to the 3AC founders as a fraudster.

In May 2022 after the crash of the cryptocurrency market and the Terra collapse there was information about possible insolvency of Three Arrows Capital.

In late June the British Virgin Islands court ordered the liquidation of the hedge fund. In July 3AC filed for bankruptcy in a New York court. According to Nansen, the organisation managed assets worth about $10 billion.

Later Zhu and Davis explained the collapse of 3AC as overconfidence.

In December the liquidators of Three Arrows Capital recovered $35.6 million belonging to the hedge fund in Singapore banks, and also filed a petition to sell a $30 million superyacht.