The Co-Founders of Three Arrows Capital Commit to Donating Future Earnings to Creditors
The co-founders of the collapsed crypto hedge fund, Three Arrows Capital (3AC), have announced their commitment to donating funds to creditors who suffered losses during the fund’s collapse in 2022. Kyle Davies, one of the co-founders, revealed during a recent Twitter Spaces session that a portion of the future earnings from their latest crypto venture, OPNX, will be allocated to assist the affected creditors. This philanthropic initiative aims to provide additional support to those who lost funds, separate from the ongoing liquidation proceedings. The co-founders believe in the power of good karma and hope to supplement the recoveries achieved through the formal liquidation process. They acknowledge that some creditors may not wish to engage with them and respect their choice.
Key Points:
- The co-founders plan to donate future earnings from their new crypto venture, OPNX, to assist creditors who suffered losses during the collapse of Three Arrows Capital.
- The initiative aims to provide additional support to those affected by the fund’s collapse, separate from the ongoing liquidation process.
- The co-founders believe in the power of good karma and hope to create a positive impact by offering creditors a chance to recover more.
- OPNX claims to have 20 million users with $20 billion in claims, and notable players like Celsius Network and FTX have sought Chapter 11 protections.
- The co-founders’ commitment to donating future earnings represents a unique effort to address the losses suffered by Three Arrows Capital’s creditors.
Hot Take
While the co-founders’ commitment to donating future earnings is a commendable gesture, it remains to be seen whether it will help restore trust within the crypto community and facilitate a more positive outcome for the creditors. The controversy surrounding their involvement in OPNX and the lingering questions about their responsibility for the collapse of their previous hedge fund may overshadow their philanthropic efforts. Nonetheless, this initiative represents a step towards addressing the losses suffered by those affected by Three Arrows Capital’s collapse.
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