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- Three Arrows co-founder Kyle Davies launches a brand new VC fund, 3AC Ventures.
- Davies claimed that 3AC Ventures operates with out leverage, debt, or worry.
- OPNX was roundly mocked after asserting 3AC Ventures as its ecosystem companion.
Three Arrows co-founder Kyle Davies tweeted on June 23 that “3AC is useless,” whereas celebrating the launch of his new VC fund, Three Arrows Capital (3AC) Ventures. Davies’ tweet follows proper after OPNX introduced 3AC Ventures as its ecosystem companion.
In response to Davies’ tweet, Nansen AI CEO Alex Svanevik requested the query on everyone’s thoughts: “It’s a fork of 3AC with out the debt?” To which Davies replied,
No leverage, no debt, no worry.
The unique announcement tweeted by OPNX’s was met with skepticism. One skilled crypto dealer commented that 3AC Ventures focuses on superior risk-adjusted “losses” with “max” leverage.
Equally, WOO Community companion Cevo additionally questioned 3AC Enterprise’s promise to ship superior risk-adjusted returns with out leverage. In the meantime, George Harrap, the co-founder of Solana’s Portfolio Dashboard, Step Finance, joked that the Enterprise would quickly announce the collapsed FTX’s Sam Bankman-Fried as its new CEO.
In June 2022, 3AC skilled monetary misery and filed for chapter within the British Virgin Islands. A mix of unfavorable leveraged trades triggered this occasion throughout a crypto bear market and important losses linked to the collapse of the Terra Luna ecosystem, which amounted to $40 billion in Could 2022.
On the top of its operations, 3AC purportedly oversaw $10 billion price of property. Nonetheless, when the agency confronted chapter, it encountered creditor claims amounting to $3.4 billion.
One other crypto dealer commented beneath OPNX’s announcement submit highlighting the losses and argued that the earnings from 3AC Ventures ought to compensate 3AC collectors.