Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about his new crypto venture, Open Exchange. The exchange aims to provide users with the ability to trade or use portfolio margin with claims against bankrupt cryptocurrency firms.

Su Zhu, co-founder of the defunct crypto hedge fund Three Arrows Capital (3AC), stated on Thursday that June-July 2022 was a “total darkness” for him and his partner, Kyle Davies. “It was a dark period, and we were not perfect in how we handled the fallout, but we were determined to do all we could,” Zhu tweeted.

He went on to emphasize that “words and liquidations can only go so far,” and the duo wants to build something that “takes all the pain, lessons, and uses it to advance crypto.”

“It is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon [at] opnx.com,” Zhu added. The news of Zhu and Davies starting a new venture with two executives from Coinflex exchange was reported in mid-January 2023.