The crypto community is once again abuzz with the surprise comeback of Three Arrows Capital (3AC), this time in the form of a venture capital (VC) firm. OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and two individuals associated with the now-defunct hedge fund Three Arrows Capital, revealed its new partner: 3AC Ventures. The partnership aims to invest in projects within the OPNX ecosystem and contribute to the development of a decentralized future, according to a tweet by OPNX.
With the establishment of 3AC Ventures, the new firm emphasizes a focus on achieving superior risk-adjusted returns without leveraging. Last year, the hedge fund 3AC suffered significant losses during the implosion of Terra’s LUNA stablecoin, which eventually led to its collapse. The launch of OPNX, an exchange where users can trade debt claims on bankrupt companies like FTX and Voyager, took place in April. Founders of OPNX include Kyle Davies and Su Zhu, both of whom have a background with 3AC. However, even during the fundraising round, the exchange faced scrutiny from the crypto community, and notable players like Wintermute distanced themselves from it.
During its initial rollout, the exchange encountered challenges, experiencing low trading volume. Although volume on the exchange has since increased, a considerable portion of the crypto community remains skeptical of both the exchange and its backers. Therefore, when OPNX announced its partnership with the newly established 3AC Ventures, the crypto community responded with doubt once again. Twitter influencer LilMoonLambo captured the prevailing sentiment by tweeting, “holy shit this is a real tweet.”