The crypto community reacts negatively to 3AC’s new exchange — “Thankyou, but no.”
The launch of the exchange project backed by the bankrupt hedge fund Three Arrows Capital (3AC) drew a swarm of angry community members who took to Twitter to express their dissatisfaction with the state of the cryptocurrency space.
On February 9, Open Exchange, a crypto exchange project proposed by 3AC and Coinflex, launched a website and opened a waitlist. 3AC founder Zhu Su stated that the project is a way for them to atone for their mistakes in the past. However, the launch infuriated many members of the community.
One community member questioned the exchange’s name and suggested that it could lead to a scam.
Another community member vowed never to trade in the exchange and to bully its users. “I don’t care about how good the fees, the liquidation mechanism, or the funding arbs are,” they wrote. Furthermore, a Twitter user wished harm to those participating in the exchange.
Some simply wrote “no, thank you” in response to the announcement, while others described it as an early April Fool’s joke.
Meanwhile, not everyone is opposed to the idea of a claim-trading exchange. A member of the community called it a “killer idea,” adding that those “crying in the comments” would use the exchange to trade their claims and be liquidated again.
Investors are looking to sell FTX, Celsius, BlockFi, and Voyager, according to reports.
On January 16, the founders of 3AC and Coinflex began raising funds for the exchange project. The project announced plans to raise $25 million to pursue claims against bankrupt companies such as FTX, Celsius, and Voyager.
On February 4, BitMEX co-founder Arthur Hayes stated, citing an anonymous source, that the 3AC founders had completed the raise. Hayes expressed frustration and predicted that the bull market would begin soon.
Michael Arrington, founder of TechCrunch, called it the “saddest bullshit” he’d heard in a long time. Meanwhile, Macro Financial executive Nik Bougalis stated that the 3AC founders raising new funds is disgraceful and represents everything that is wrong with the space, and that anyone who provides funds to the 3AC founders should be “treated as scammers.”