Silvergate Capital Corporation Will ‘Voluntarily Liquidate’ Silvergate Bank; Gemini Denies Reports of Banking Relationship Ending With JPMorgan; Three Arrows Capital Founders Shake Up Crypto Industry with New Crypto Exchange After Acquiring CoinFLEX Assets; Binance Charity Donates $100,000 in Georgia to Empower Women through Web3 Education

Su Zhu and Kyle Davies, the two founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), have completed a funding round for their new OPNX exchange and will acquire remaining assets from the troubled exchange CoinFLEX.

Just weeks before filing for bankruptcy, crypto hedge fund Three Arrows Capital (3AC) sent lender Voyager Digital a one-page net asset value (NAV) statement, court documents filed Tuesday show. A single due-diligence call was conducted between the two firms. Voyager, which itself filed for bankruptcy in July 2022, reported a $654 million loan to 3AC that accounted for almost 58% of its loan portfolio.

Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating tocollapse of crypto hedge fund, Three Arrows Capital (3AC).

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Blockchain.com, the early Bitcoin wallet provider and exchange that boasted a $14 billion valuation as recently as last March, has been attempting to sell off assets in a scramble for capital. 

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.

Some claimants of bankrupt cryptocurrency exchange FTX are banking their hopes on recovering some money through a new venture set up by the co-founders of prominent bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC).

Su Zhu, a co-founder of the collapsed crypto hedge fund Three Arrows Capital, said Thursday that a waitlist is now open at a new marketplace called OPNX for trading claims and derivatives related to funds stuck on failed exchanges.

The liquidators overseeing crypto hedge fund Three Arrows Capital’s bankruptcy proceedings have asked the judge to compel co-founder Kyle Davies to cooperate, according to a new court filing.