Founders of Failed Three Arrows Capital Launch Trading Platform for Bankruptcy Claims – Here's What You Need to Know
Su Zhu and Kyle Davies, the two founders of now-bankrupt crypto hedge fund Three Arrows Capital, has launched a new platform for trading in crypto-related bankruptcy claims.
Writing on Twitter on Thursday, former Three Arrows Capital (3AC) CEO Su Zhu announced that the new trading platform, named Open Exchange, has already opened its waitlist for interested users who want to put their claims up for sale.
According to the tweet from Open Exchange that was shared by Zhu, the new platform will become the world’s first marketplace for such trading. The tweet added that the goal after the claims marketplace is up and running will be for it to also become “the world's most radically transparent [centralized exchange].”
In his Twitter thread, Su Zhu took the opportunity to reflect on the past few months. He called it “a dark period,” and added “we were not perfect in how we handled the fallout, but we were determined to do all we could.”
As his reason for creating the new marketplace, the 3AC co-founder said he and Davies felt they had to “build something that takes all the pain/lessons & uses it to advance crypto.”
He went on to admit that the collapse of the crypto exchange FTX created an opportunity for a new exchange with “a great trading UI” to come along, and said creditor claims from FTX and other failed crypto firms are likely to flow to the new marketplace.
“We spoke to creditors about several plans. And everyone we talked with thought this one was the wisest way to use our existing resources, all the painful lessons and wish contribute to crypto,” he added.
Rumors that the two 3AC co-founders were working on a new type of exchange for claims trading were already circulating last month. At the time, crypto journalist Colin Wu
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