3AC and Zhu Su Launch Open Exchange (OPNX) to Atone for Past Mistakes and Advance Crypto Trading

By Tsunami On Feb 10, 2023

Open Exchange (OPNX), a crypto exchange project initially proposed by 3AC and Coinflex, has officially launched its website and waitlist as of February 9th. According to the project’s official Twitter account, OPNX will be the “world’s first public marketplace for crypto claims trading and derivatives.”

3AC founder Zhu Su stated that the project was born out of a desire to recover from past mistakes, following the bankruptcy of crypto hedge fund 3AC in July. The exchange will provide real-time public cryptographic audits to ensure the safety of user funds and will begin as a claims trading service before expanding to include FX, stocks, and innovative products.

1/ june/july was total darkness for me, kyle & our creditors after our bet on accelerating crypto adoption proved fatally wrong

we were crushed by the collapse of the market & the way our misplaced conviction had contributed to the pain https://t.co/eO5jLjrLU7

— Zhu Su 🔺 (@zhusu) February 9, 2023

The proposal for the exchange was leaked to the public on January 16th, causing some concern among CoinFLEX creditors who objected to the company associating with the failed 3AC hedge fund. However, CoinFLEX attempted to ease these fears by claiming that the new exchange would be beneficial for both customers and creditors.

Overall, OPNX aims to use the lessons learned from past mistakes to advance the crypto industry by providing a safe and secure platform for crypto trading and derivatives. With its real-time audits and expanding product offerings, the exchange is poised to bring the best of traditional finance and decentralized finance to the crypto community.

Zhu Su is the founder of 3AC, a crypto hedge fund that went bankrupt in July 2022. 3AC was established with the goal of accelerating the adoption of cryptocurrencies, but unfortunately, the fund suffered losses following the collapse of the Terra Luna network and was unable to recover from the market downturn.

Despite the failure of 3AC, Zhu Su is determined to use the lessons learned from the experience to advance the crypto industry. With the launch of Open Exchange (OPNX), Zhu aims to provide a secure platform for crypto trading and derivatives, ensuring the safety of user funds through real-time public cryptographic audits.

It should be noted that there have been concerns raised about Zhu Su’s past, as bankruptcy lawyers have accused him of ignoring his duties in the aftermath of 3AC’s bankruptcy. However, Zhu has stated that he is dedicated to making amends and using his experience to build something positive for the crypto community.

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