Three Arrows Capital (3AC), a once-successful Singaporean hedge fund valued at around $10 billion at its peak, faced a significant decline in the bear market last year. However, despite the financial troubles, its co-founders have moved on to pursue new ventures.
Kyle Davies, one of the co-founders, has transitioned into an aspiring restaurateur and is now focused on perfecting the art of cooking chicken. Davies has received criticism online, and some users suggested review-bombing his new Dubai restaurant. In response, he threatened legal action against individuals who post “intentionally false reviews and defamation against my restaurant.”
Intentionally false reviews and defamation against my restaurant is illegal. We will prosecute anyone engaging in this behavior. https://t.co/W01wxxI6fY— Kyle Davies (@KyleLDavies) April 14, 2023
On the other hand, Davies and fellow co-founder Su Zhu launched the OPNX exchange in April 2022. The exchange is designed to trade bankruptcy claims of failed crypto entities like FTX and Celsius. While daily volume was initially low, around $13, it has since grown significantly and now boasts nearly $1.8 million in daily trading volume. This is a notable achievement considering the sum of all regulated crypto products listed in Hong Kong only does about $1.19 million in volume per day.
Happy Sunday friends •~• finally some sunshine in HK today ☀️ pic.twitter.com/Oce9KLCyJa— Leslie Lamb (@therealleslamb0) April 16, 2023
Despite their early contributions to the OPNX exchange, Leslie Lamb, the OPNX CEO, said in an interview that Davies and Zhu are currently not involved in its everyday operations.
Sotheby’s auction house announced on April 19 that it would sell a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose,” which was purchased by Davies and Zhu with $5.8 million in Ether in August 2021. Zhu seems to have taken the NFT auction news philosophically, quoting the famous English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all,” while highlighting the auction for his followers.