3AC Co-founder Kyle Davies commented on the new initiative, stating, "3AC is dead, long live 3AC Ventures."
In a significant shift from the ashes of their former Singapore-based hedge fund, Su Zhu and Kyle Davies, founders of the bankrupt Three Arrows Capital (3AC), have embarked on a new venture known as "3AC Ventures."
This development was made public on June 21st by Open Exchange (OPNX), a marketplace designed for the trading of claims against insolvent crypto entities.
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According to the announcement, the partnership between 3AC Ventures and OPNCX is set to "invest in projects building in the OPNX ecosystem and working towards a decentralized future."
Reflecting on the news, Three Arrows Capital co-founder Kyle Davies used Twitter to share his thoughts about the venture, noting, "3AC is dead, long live 3AC Ventures."
The landing page for 3AC Ventures echoes this sentiment, welcoming visitors with a firm assurance of "superior risk-adjusted returns without leverage" and providing an email contact for further inquiries.
The backstory of 3AC involves a complicated series of misfortunate events. The hedge fund filed for bankruptcy in the British Virgin Islands a year ago as a result of its ill-fated leveraged trades during a cryptocurrency bear market and significant exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022.
Post-bankruptcy, Davies and Zhu seemingly vanished, with their social media posts hinting that they may be living in Dubai and Indonesia.
At the peak of its operations, 3AC was said to oversee $10 billion in assets. During its bankruptcy proceedings, the firm was confronted with creditor claims of a whopping $3.4 billion.
The launch of 3AC Ventures marks a noteworthy progression for its founders, Zhu and Davies. Emerging from the tumultuous downfall of their previous venture, they now aim to steer a new path in the cryptosphere, fostering a decentralized future.
In other 3AC-related news, on May 19th, the bankrupt hedge fund bagged $2.5 million from the auction of its non-fungible tokens (NFTs).
