- The fund’s co-founder stated this in an interview for Mario Naufal
- Moreover, he claims that some creditors have already been compensated
- This has nothing to do with the official liquidation process led by Teneo
Co-founder of Three Arrows Capital and co-founder of the OPNX exchange Kyle Davis says he intends to donate some future profits to the platform.. He will transfer it to the creditors of the bankrupt fund. He described the scheme as a “shadow recovery.”
What is OPNX?
The exchange went public at the beginning of April of this year. It is only natural that the project encountered skepticism and criticism from the community. And this has affected the company’s market performance.
Moreover, some of the investors who allegedly invested in the site deny any connection to the project. Despite this, the exchange continues to operate.</nbsp;
Among other things, it offers a secondary market for debt. Users can “sell” their assets locked up on another platform that is in bankruptcy.
“It’s karma”
Yesterday, July 3, Kyle Davis gave a wide-ranging interview to Mario Naufal, CEO of IBCgroup.io.. You can listen to the full recording here. Participants discussed the collapse of Three Arrows Capital, as well as a new project by the organization’s former leadership.
With Davis stating, among other things, that he believes in karma. He also said he intends to donate a portion of future OPNX profits to offset the losses of 3AC creditors, if at all.
He said this is the industry’s first example of a “shadow recovery.”. Davis also noted that some creditors have already received their first compensation. He wouldn’t name names or specific numbers, however.
When asked how he could work on a new project while the liquidation of the old one was still pending, Davis said all parties would benefit from launching OPNX.