3AC Founders Go for Good Karma by Donating OPNX Earnings to Victims Who Stick Around
After several months spent dodging subpoenas and making threads dripping with self-pity on Twitter, the founders of bankrupt hedge fund 3AC started two new businesses – a crypto exchange platform called OPNX and a new hedge fund called 3AC Ventures.
The latter company’s online presence so far is nothing more than a boilerplate inviting interested investors to email them. However, OPNX has apparently been able to find investors willing to trust the founders’ pinky promise that nothing will go wrong this time. Currently, daily trading volumes on OPNX average $34 million – and the founders allegedly have big plans for their cut of the earnings.
Charity With a Catch
While refusing to show up to bankruptcy and liquidation proceedings, the two “serial entrepreneurs” have decided to make as many 3AC users whole on their own dime.
Although this sounds quite heartwarming in theory, users will only be made whole if they hop on the OPNX train early, according to bankrupt hedge fund owner and Stockholm Syndrome aficionado Kyle Davies.
Zhu and Davies’ ingenious plan to repay users was announced on Mario Nawfal’s Twitter Spaces Podcast, where Davies called in to lay out their plans to anxious investors.
“Good Karma”
According to Davies, he and Zhu will be launching a “shadow recovery process” for investors affected by the collapse of 3AC as long as they are willing to do business with OPNX.
This process, allegedly the first of its kind, will be completely separate from the legal recovery process of funds for 3AC investors since that one would mean having to pay back upwards of $1.3 billion.
Furthermore, Davies claims that several investors have already been made whole. Naturally, none of these investors were named, surely for no other reason than to respect their privacy. The “shadow recovery process,” Davies assures investors, is completely optional.
“If there are some that don’t want to deal with us, then they don’t have to. We very much believe that if we do good and we say to creditors who lost money, they have a way to make more back. If we do badly and they do well, then that’s great. And that’s good karma, or whatever you want to call it.”
Unfortunately, when hounded for details of how investing into any of his new ventures could provide the funds needed to bail out prior investors, Davies declined to elaborate, stating only that creditors only stand to benefit from investing in his businesses (again).
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