Kyle Davies, the co-founder of the now-defunct Three Arrows Capital, has stated that he is not sorry for the company going bankrupt.
Worldcoin’s Rocketing WLD Token Could Benefit Creditors of Three Arrows Capital, FTX
However, WLD prices may run into headwinds as a token unlock worth $165 million is set to begin today, occurring until Feb.26, data from Token Unlocks show.
OPNX Founder Su Zhu Says Shutdown Comes Because FTX Estate Claims Reached ‘Recovery’
OPNX’s volume peaked at just over $600,000, according to CoinGecko data.
OPNX, the Exchange Built by Founders of Doomed Hedge Fund Three Arrows, Is Shutting Down
Customers were advised to settle their positions by Feb. 7 and withdraw their money by Feb. 14.
Court Freezes $1 Billion of Assets of Three Arrows Capital Founders
The worldwide order by a British Virgin Islands court applies to founders Su Zhu, Kyle Davies and Davies’ wife, Kelly Chen.
Three Arrows Co-Founder Su Zhu Faces Questioning in Singapore Court in Hunt for Assets: Bloomberg
Zhu is expected to be released from jail this month for good behavior, Bloomberg reported.
Three Arrows Co-Founder Su Zhu Faces Questioning in Singapore Court in Hunt for Assets: Bloomberg
Zhu is expected to be released from jail this month for good behavior, Bloomberg reported.
3AC co-founder Kyle Davies spotted in Bali, sources claim
Sources claim that 3AC co-founder Kyle Davies has been based in Bali for months as he continues to evade Singaporean authorities over the collapse of his failed hedge fund.
OPNX gets EU spot crypto trading license in Lithuania
Kyle Davies’ and Su Zhu’s OPNX exchange acquired a Lithuania virtual asset license to offer spot trading in the EU.
Hobbled Crypto Exchange’s Creditors Are Suing Its CEO and Want to Claw Back Money From ‘Bitcoin Jesus’
CoinFLEX CEO Mark Lamb breached his fiduciary duty when he created a new company, OPNX, with the founders of failed crypto hedge fund Three Arrows Capital, creditors argue. They are also critical of a deal Lamb struck with early BTC evangelist Roger Ver.
BlockFi Bankruptcy Judge Says He Wants 3AC’s $284M Claim Resolved in Mediation
Failed crypto hedge fund Three Arrows Capital’s (3AC) attempt to pursue a $284 million claim against crypto lender BlockFi was put into mediation by the U.S. bankruptcy judge overseeing BlockFi’s case.
Bankrupt Crypto Hedge Fund 3AC’s Su Zhu Apprehended in Singapore, Liquidator Says
Co-founder of the Three Arrows Capital hedge fund was seized at Changi airport, Teneo said
Crypto lender BlockFi gets court nod to repay customers
The approval is seen as a milestone moment for BlockFi’s over 100,000 creditors, who have been long awaiting repayment.
Hodlnaut Refuses OPNX’s $30 Million Offer After FLEX Token Declines By 90%
According to the latest report, the interim judicial managers of beleaguered crypto lender Hodlnaut have rejected the latest acquisition bid proposed by OPNX. The OPNX exchange, affiliated with the founders of collapsed hedge fund Three Arrows Capital (3AC), offered to buy a significant 75% ownership stake in troubled Hodlnaut in August 2023.
Holdnaut, a Singapore-based crypto lender, was another of the numerous victims of the financial crisis that rocked the crypto space in 2022. The crypto company had to halt withdrawals after losing around $190 million to the Terra ecosystem’s crash.
Hodlnaut Says $30 Million Offer Has “Speculative Value”
According to a recent court filing reviewed by Bloomberg, Hodlnaut administrators have opted out of the acquisition deal of the crypto lending firm, arguing that the $30 million offer of FLEX tokens is “illiquid” and has “speculative value.”
Meanwhile, most of the crypto lender’s creditors, who account for 60% of the total debt, supported this decision. In the report, Bloomberg alluded that the FLEX price has declined by more than 92% since OPNX made the acquisition bid in early August. According to CoinGecko data, the FLEX token was valued at roughly $7 at the time of the offer.
The cryptocurrency has been subject to extreme volatility lately, prompting its rise to $2.48 on Monday, September 18. However, the FLEX Coin has since undergone a significant price correction, with its current value at $0.584586.
FLEX is the native cryptocurrency of the CoinFLEX exchange, which stopped withdrawals and filed for restructuring in June 2022. OPNX was launched by CoinFLEX founders Mark Lamb and Sudhu Arumugam, explaining the connection between the OPNX exchange and the FLEX token.
Other Reasons For Rejecting OPNX’s Takeover Bid
Besides the concerns about the FLEX token and its “speculative value,” the Hodlnaut administrators put forward other questions on the OPNX’s $30 million offer. One of these issues is the “no injection of cash or assets with similar liquidity.”
Bloomberg revealed that the administrators implied liquid tokens such as Bitcoin and Ether. The court-appointed interim managers also questioned the absence of “a timeline for repayment of creditors’ debt” and that there were “no details of payment beyond 30% of liabilities.”
It is worth noting that the involvement of the embattled Three Arrows Capital founders, Kyle Davies and Su Zhu, in OPNX’s takeover bid has always been a source of worry. Davies and Zhu are in a legal battle with 3AC creditors in the United States.
The Three Arrows Capital founders have also faced troubles outside the United States, with the Monetary Authority of Singapore (MAS) recently issuing a 9-year ban against them. This directive prohibits Davies and Zhu from engaging in regulated business activities in the Southeast Asian country.
Singapore’s central bank slugs Three Arrows founders with 9-year ban
Three Arrows Capital founders Kyle Davies and Zhu Su are barred from regulated activities or acting as top execs at any financial firm in Singapore.
Three Arrows Founders Hit With 9-Year Trading Ban in Singapore
MAS says the Order bans the Three Arrows Capital founders from managing, directing, or being a shareholder of any registered capital markets services firm in Singapore.
BlockFi argues FTX, Three Arrows Capital isn’t entitled to repayments
BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud.
Three Arrows Capital Liquidator May Try to Claw Back About $1.2B From DCG, BlockFi
A July 7 report from Teneo, the hedge fund’s liquidator, described the potential claims.
Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’
In an open letter, Cameron Winklevoss slammed DCG’s Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers.
Three Arrows Founders to Donate Future Earnings to Creditors in Spirit of ‘Karma’
The founders of the hedge fund that filed for bankruptcy last year have started an exchange for creditor claims, which is seeing $50 million in trading volume, said Davies.