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Three Arrows Capital Kyle Davies Will Donate Open Exchange Earnings to Creditors for “Good Karma” | CoinMarketCap

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CryptoNews: Co-founders of collapsed hedge fund Three Arrows Capital (3AC), have promised to give back a share of the money made by their newest cryptocurrency venture, Open Exchange (OX), to investors who lost money when 3AC failed in 2022. 👁

Davies Stated in a Twitter Space That it Would be "Good Karma" to Contribute Any Open Exchange Revenues to 3AC's Creditors

Davies Stated in a Twitter Space That it Would be "Good Karma" to Contribute Any Open Exchange Revenues to 3AC's Creditors Kyle Davies and Su Zhu, co-founders of collapsed hedge fund Three Arrows Capital , have promised to give back a share of the money made by their newest cryptocurrency venture,On July 3, Davies stated in a Twitter Space that it would be "good karma" to contribute any Open Exchange revenues to 3AC's creditors. The alleged payback plan is referred to as a "shadow recovery process," apart from the formal liquidation procedure overseen by the consulting firm Teneo.

Davis claimed the process would allow them to donate funds to 3AC creditors but only if they were "early and supporting" of Open Exchange. The pair recently relaunchedOn July 1, 2022, Three Arrows Capital sought Chapter 15 bankruptcy protection. Subsequent court filings showed that the failed fund owed more than 20 companies almost $2.8 billion. Liquidators are seeking to recoup lost funds totaling $1.3 billion from the co-founders of 3AC.

 

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Three Arrows Founders to Donate Future Earnings to Creditors in Spirit of 'Karma'The hedge fund that filed for bankruptcy last year has been roasted by victims and crypto-industry observers in the wake of its epic collapse, but one partner, Kyle Davies, says 'karma' motivates the founders to give back.
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Kyle Davies to donate future OPNX earnings to 3AC creditors for 'karma'Kyle Davies, the co-founder of the bankrupt hedge fund Three Arrow Capital, says that he and Zhu Su will donate earnings from their newest crypto exchange OPNX to 3AC creditors.
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