Founders of Bankrupt Hedge Fund Start New Businesses
The founders of bankrupt hedge fund 3AC have started two new businesses: a crypto exchange platform called OPNX and a hedge fund called 3AC Ventures. OPNX has attracted investors, with daily trading volumes averaging $34 million. The founders plan to repay 3AC users through OPNX, but only if they join early. This plan was announced on Mario Nawfal’s Twitter Spaces Podcast by Kyle Davies, owner of the bankrupt hedge fund. Davies and Zhu will launch a “shadow recovery process” for investors affected by 3AC’s collapse, separate from the legal recovery process. Davies claims that some investors have already been made whole, but he did not provide details on how investing in their new ventures would help prior investors.
Key Points:
– Founders of bankrupt hedge fund 3AC started a crypto exchange platform called OPNX and a hedge fund called 3AC Ventures.
– OPNX has attracted investors with daily trading volumes averaging $34 million.
– The founders plan to repay 3AC users through OPNX, but only if they join early.
– Kyle Davies, owner of the bankrupt hedge fund, announced a “shadow recovery process” for affected investors on a podcast.
– Davies claims that some investors have already been made whole, but did not provide details on how investing in their new ventures would help prior investors.
Hot Take:
It is concerning that the founders of a bankrupt hedge fund are starting new businesses and promising to repay users. The lack of transparency and details about their plan raises doubts about its legitimacy. It seems like a desperate attempt to regain trust and attract new investors. The founders should focus on addressing the issues with their previous venture and providing a clear plan for compensating 3AC users rather than launching new ventures.
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