The launch of an exchange project backed by bankrupt hedge fund Three Arrows Capital (3AC) attracted many angry community members who took to Twitter, expressing their disappointment with the state of the crypto space.
Open Exchange, a crypto exchange project originally proposed by 3AC and Coinflex, launched its website and opened a waiting list on February 9. 3AC founder Zhu Su stated that the project is a way to atone for his past mistakes. However, many members of the public were outraged by the launch.
One community member asked about the name of the exchange and suggested that it could lead to fraud. He tweeted:
“Open Exchange”
Open for what? cheated?
Lose pride and money, but at least lose your stupidity, clearly https://t.co/PeJhlKVKD8
— Thales (Tahless’) || HXRO (✖️,✖️) (@ThalesHXRO) February 9, 2023
Other community members oath to never trade on the exchange and bully exchange users. “I don’t care how good the cost is, how good the liquidation mechanism is, or how good the funding arbs are,” they wrote. In addition, Twitter users even want to harm those who will use the exchange.
Some keep their reactions simple and fair write “no, thank you” for the announcement or explained it’s an early April Fool’s joke.
Meanwhile, not everyone is opposed to the idea of an exchange that allows trading claims. Community members explained it is a “killer idea” and said that “cries in the comments” will use the exchange to trade claims and get liquidated again.
related: Investors looking to sell FTX, Celsius, BlockFi, Voyager claims
On January 16, the founders of 3AC and Coinflex started raising funds for the exchange project. The project announced that it wants to raise $ 25 million to target claims against bankrupt companies like FTX, Celsius and Voyager.
On February 4, BitMEX founder Arthur Hayes cited an anonymous source and said that the founders of 3AC completed the increase. Hayes expressed his frustration and said the bull market had to start. He tweeted:
Little birdie told me @KyleLDavies and @zhusu finish raising. It must be the start of a bull market that these muppets are making money less than a year after raking in $18 billion in shitcoins. I’m not mad, but homeboy needs money back for expensive lift tickets
– Arthur Hayes (@CryptoHayes) February 3, 2023
TechCrunch founder Michael Arrington explained it was the “saddest nonsense” he had heard in a long time. Meanwhile, Macro Financial executive Nik Bougalis said the founder of 3AC raised new funds disgracefully and showed everything wrong with the board, saying that those who provide funds to establish 3AC should be “considered scammers.”