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Kyle Davies, who created OPNX with 3AC partner Su Zhu, spoke to CoinDesk about their new venture, created in the wake of losing hedge fund customers $2.5 billion
Less than a year after Three Arrows Capital (3AC) imploded along with $2.5 billion of clients' money, the hedge fund's founders, Su Zhu and Kyle Davies, are back with a new cryptocurrency exchange where people can trade bankruptcy claims – a hot area given all the distress in the industry.
The Open Exchange (OPNX) was announced last month, garnering wry smiles and smirks. The crypto community hadn't always been so skeptical of the duo. Until the $60 billion Terra ecosystem collapsed last April, they were hailed as messiahs among their peers, touted for running the hottest hedge fund and often endorsed by trading firms and market makers.
After months of relative silence, Davies appeared on CNBC in November. Davies revealed he was living on the island of Bali in Indonesia, which is one of seven countries that doesn't have an extradition treaty with the U.S. After that grilling Davies retreated again, awaiting a moment to reemerge in hopes public perception had swayed.