Kyle Davis, co-founder of bankrupt hedge fund firm Three Arrow Capital (3AC), said he and partner Su Zhu want to donate future Open Exchange (OPNX) earnings to 3AC’s creditors.
Along with the collapse of the 3AC hedge fund, several cryptocurrency lenders, such as Celsius and Voyager, were forced into bankruptcy. One of the founders of 3AC claims he wants to donate the profits of his new venture to the victims of 3AC.
Kyle Davies announced the donation to early OPNX backers
in twitter space, 3AC co-founder Kyle Davies talked about his “Shadow Recovery Operation” for the donation to 3AC creditors who are early OPNX backers. According to Davis, the donation is separate from 3AC’s ongoing liquidation process. It is to explain:
“Teneo is the liquidator. They’re going to sell the company’s assets and distribute them to the creditors separately. But we have a number of creditors who were early on, who are already more or less full creditors.”
The space hosts wondered if Davis would sell the tokenized securities to make creditors complete. Then, he explained that there would be no tokens, but they would donate future profits from the OPNX exchange.
In February of this year, Su Zhu announced the OPNX exchange that will allow commercial bankruptcy claims. Then in April, OPNX was launched, drawing criticism from the cryptocurrency community.
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The exchange has been controversial due to the history of its founding team. Last month, when OPNX announced its highest trading volume ever, community members claimed that the trading volume was fake.
In the Twitter space, Davies said they were donating to 3AC creditors for good karma. he spoke:
“We’ve thought about a lot of things, and one of the things we believe in is karma and something greater than all of us, right? For some people, it might be a kind of religion. For some people, it might be about philosophy or something else.
We all have this in common, and we believe there is something greater than that. So we believe very much in the idea that if we do well, and we say creditors lost money, they’ll have a way of making more.
If we do that and they do a good job, great. And we think that’s just good karma.”
There’s little clarity about how Davies’ shadow recovery is involved, but he made it clear that the only means is to support OPNX. He also warned against criticizing or “denigrating” OPNX. Davies explained:
“If you’re a trader, you’re trading. If you’re a market maker, you’re making the market. If you just want to be supportive in general, that’s fine too. Kind of support, certainly not defamation. If you’re actively defaming, that’s not part of it.” the operation “.
It is noteworthy that while Davies and Chu want to donate to creditors, they have not cooperated with the 3AC liquidators.
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