3AC Co-Founder Plans Unique Recovery Process for Creditors
During a Twitter Spaces event, Kyle Davies, the founder of the bankrupt hedge fund Three Arrows Capital, revealed his plans for a new crypto trading platform called OPNX. Davies expressed his intention to give back to his creditors and explained that the new platform would offer a unique opportunity for early supporters.
According to Davies, he feels a strong sense of responsibility to repay his creditors due to his belief in the concept of karma.
Davies, alongside co-founder Mark Lamb, stated that they had established a “shadow recovery process” (SRP), which would allow them to donate funds to creditors who participate early in the platform. He emphasized that creditors who choose not to engage with OPNX would not be obliged to do so.
By introducing this SRP, Davies aims to provide a way for him and his team to support and give back to creditors who show early support for their venture, while respecting the choices of those who may not wish to be involved.
OPNX is a platform designed for trading claims of bankrupt crypto companies.
Davies, alongside co-founder Mark Lamb, stated that they had established a “shadow recovery process” (SRP), which would allow them to donate funds to creditors who participate early in the platform. He emphasized that creditors who choose not to engage with OPNX would not be obliged to do so.
By introducing this SRP, Davies aims to provide a way for him and his team to support and give back to creditors who show early support for their venture, while respecting the choices of those who may not wish to be involved.
OPNX is a platform designed for trading claims of bankrupt crypto companies.
