3AC new exchange triggers backlash from the crypto community — ‘No, thank you’
The launch of the exchange project backed by the bankrupt hedge fund Three Arrows Capital (3AC) attracted a mob of angry community members who took to Twitter, expressing their disappointment with the state of the crypto space.
Open Exchange, a crypto exchange project that was initially proposed by 3AC and Coinflex, launched a website and opened a waitlist on Feb. 9. 3AC founder Zhu Su pointed out that the project is a way to atone for their past mistakes. However, many members of the community were enraged by the launch.
One community member questioned the name of the exchange and suggested that it may lead to a scam. They tweeted:
"Open Exchange"Open to what? getting scammed?They lost their pride and money, but at least they haven't lost their stupidity, clearly https://t.co/PeJhlKVKD8
Another community member swore to never trade in the exchange and bully the users of the exchange. "I don’t care how good the fees are, how good the liquidation mechanism is, or how good the funding arbs will be," they wrote. In addition, a Twitter user even wished harm upon those who will use the exchange.
Some kept their reactions simple and just wrote “no, thank you” to the announcement or described it as April Fool's Day joke that came early.
Meanwhile, not everyone is in opposition to the idea of an exchange that allows trading claims. A community member described it as a “killer idea” and said that those “crying in the comments” will use the exchange to trade their claims and get liquidated again.
Related: Investors seek to sell FTX, Celsius, BlockFi, Voyager claims
On Jan. 16, 3AC and Coinflex founders started gathering funds for the exchange project. The project announced that they were looking to raise $25 million to target claims
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