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Tag Archives: three arrows capital

3AC Founders’ Open Exchange Completes Its $25 Million Fundraise

The highly controversial “Open Exchange” (OPNX) headed by once-failed Crypto CEOs has reached its fundraising goal of $25 million – though the founders are yet to reveal their benefactors. Meanwhile, collapsed crypto exchange CoinFLEX has revealed that its restructuring deal has been approved by a Seychelles court, briefly pumping the price of its token.  OPNX’s Plans for Launch According to a Twitter thread from DefiIgnas (that was later retweeted by co-founder Zhu Su), Kyle...

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Genesis Is Next Crypto Firm to Go Bankrupt

Not long ago, Live Bitcoin News reported that Genesis Global Capital – the lending division of the Digital Currency Group (DCG) – was preparing for bankruptcy. While it looked like the situation was inevitable, it was believed that there was potentially a small chance that the company was going to be able to survive its present ordeal. Sadly, it doesn’t look like that’s going to happen now as the firm has proceeded with its bankruptcy filing. Genesis Files Bankruptcy The...

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Highly Criticized ‘GTX’ Startup Officially Announced as ‘Open Exchange’

Disgraced crypto VC Zhu Su has officially announced his next project: “Open Exchange” – a crypto marketplace for claims and derivatives trading.  The company is intended to help investors who lost money in 2022’s wave of industry bankruptcies – though crypto Twitter isn’t exactly enthusiastic about the idea. Rebuilding Crypto Per a Twitter thread from Su on Thursday, the exchange is being built using “all the pain/lessons” learned from the team’s experience last year. Su’s...

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CoinFLEX Attempts to Clarify GTX Story After Being Met With Derision

According to CoinFLEX leadership, “there has been media speculation” on the subject of the new exchange they are building, tentatively named GTX. As previously reported by CryptoPotato, the tentative exchange would specialize in crypto bankruptcy cases. Management Team Staying Onboard After lambasting the “speculation” on the subject of the leaked GTX pitch decks – speculation that allegedly took place because CoinFLEX leadership did not want to share an update “due to...

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3AC Co-Founder Zhu Su Accuses DCG of Being Criminally Fraudulent

Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, became one of the many industry participants that went bankrupt in the bear market. At its peak, 3AC managed more than $10 billion worth of assets. Its undoing was disastrous but wasn’t purely a market-driven phenomenon. In the latest Twitter thread, Zhu Su said the parent firm of Grayscale Investments and Genesis Trading conspired with FTX to bring down Terra’s LUNA token and Staked Ether (stETH). Zhu Su Blasts...

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3AC Co-Founders Su Zhu, Kyle Davies Subpoenaed in Bankruptcy Case

A federal bankruptcy judge has approved the issuance of subpoenas to the co-founders of the collapsed hedge fund – Three Arrows Capital (3AC) – Su Zhu and Kyle Davies. In a document published on Tuesday, United States Bankruptcy Judge Martin Glenn for the Southern District of New York stated, “The foreign representatives and their agents are authorized to serve subpoenas for the production of documents and testimony upon the founders, the investment managers, and anyone else...

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