- Founder of Three Arrows Capital shares plans for a shadow recovery process.
- The process will donate the future earnings of OPNX to the creditors.
- Kyle Davies says that he believes in karma, and also shares his expectation of witnessing around $50 million in daily trading volume for OPNX.
In one of the most recent updates given by Three Arrows Capital (3AC) founders, the bankrupt crypto hedge fund has shared plans to donate the future earnings from their newly launched exchange to creditors. Kyle Davies, who is one of the founders, spoke about the initiative for the creditors who lost money in a Twitter space. The 2.3-hour-long Twitter space was hosted by Mario Nawfal, who is the CEO of IBC Group.
Davies defined the idea as a “shadow recovery process,” independent from the actual liquidation process, which tries to recover money from the bankrupt corporation and distribute it to whoever it is owed. He also stated that several debtors had already been fully reimbursed. Davies claimed that he and his fellow founders believed in “karma” and that these additional payments would be added to any money that was eventually recovered through the court system.
One of the things we really believe in is karma, and that there is something greater than all of us.
Davies responded to questions about the notion of him and Su Zhu, the other co-founder, running a new cryptocurrency exchange when their previous company was in liquidation. He stated that there is a “connection” between their new enterprise and the creditors, underscoring that the creditors will benefit from their new venture. As part of their latest efforts, the duo has launched the Open Exchange (OPNX) trading platform, which is specifically built for trading bankruptcy claims.
According to the details on the OPNX website, the exchange is built for over 20 million users who currently have over $20 billion stuck in bankruptcy proceedings. During the Twitter conversation, Davies also shared his expectation of witnessing around $50 million in daily trading volume. He also clarified that the so-called shadow recovery process doesn’t include a tokenized asset.
However, the exchange didn’t receive the warmest welcome from the community. Some Twitter users even questioned the exchange’s authenticity when it celebrated an all-time high trading volume of $45 million. A user named Loris put out a tweet, which he deleted later, claiming that it was a circus.
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