NFT News by Thebittimes.Com

Open Exchange (OPNX), the crypto currency derivatives and bankruptcy claims platform founded by Su Zhu and Kyle Davies, the duo behind the now-bankrupt hedge fund Three Arrows Capital (3AC), will shut down this February. In an email sent to customers, OPNX advised users on the necessary actions to take before the exchange closed down, which included settling all positions by Feb. 7, 2024, and withdrawing all their assets from the platform by Feb. 14, 2024. OPNX shutting down pic.twitter.com/BIRBX3uiBV — Cole (@cole0x) February 1, 2024 Reasons for the closure were not mentioned in the announcement. “We are deeply thankful to each member of the OPNX community for their dedication and trust. As we conclude this chapter, we cherish the experiences shared and look ahead with gratitude.” OPNX’s email to users OPNX links and troubled past OPNX was established by Su Zhu and Kyle Davis in conjunction with CoinFLEX, and launched in April 2023. Notably, Zhu and Kyle a...

The liquidators of the bankrupt ‘digital currency’ hedge fund Three Arrows Capital (3AC) seek $1.3 billion from its founders , Zhu Su and Kyle Davies. According to sources, the New York advisory firm Teneo, appointed as liquidators, alleges that the requested amount corresponds to the losses incurred by the duo before the hedge fund’s collapse. In a meeting held on June 27, the liquidators devised strategies for the ongoing liquidation process. Three Arrows Capital liquidators are seeking to recover $1.3 billion from the co- founders of the failed crypto hedge fund https://t.co/ycXkzBs1zy — Bloomberg Crypto (@crypto) July 1, 2023 Ever since the downfall of the Three Arrows Capital hedge fund a year ago, the liquidators have persistently pursued Davies and Zhu, accusing them of evading cooperation, thereby complicating the liquidation proceedings. Teneo previously sought legal action against Davies in a New York court, accusing him of willful contempt and ...

In early 2022, crypto lender Voyager Digital issued a default notice against Three Arrows Capital for failing to repay a loan worth approximately $650 million. Per the official documents, 3AC had a debt of 15,250 Bitcoin and 350 million USDC to Voyager Digital. However, the loaned crypto was valued at almost $1 billion [to be precise, $935 million] in April 2022. When Voyager filed for bankruptcy protection earlier this year, it stated that 3AC’s loan default was a major factor that instigated its insolvency. Read More: Crypto Lending Firm Three Arrows Capital Gets Notice; $650M Debt Settlement recommendation Now according to reports, Voyager Digital’s internal special committee has proposed to settle claims against company executives who flashed a green light with minimal due diligence for the loan to the failed crypto hedge fund . According to the court filing, Voyager said that pursuing litigation against Chief Executive Officer Stephen Ehrlich and anothe...