The launch of the exchange project backed by bankrupt hedge fund Three Arrows Capital (3AC) drew the fury of a multitude of community members.who took to Twitter to express their disappointment with the state of the crypto space.
Open Exchange, a crypto exchange project that was initially proposed by 3AC and Coinflex, launched a website and opened a waiting list on February 9. 3AC founder Zhu Su noted that the project is a way to atone for his past mistakes.. However, many members of the community were infuriated by the release.
One of them questioned the name of the exchange and suggested that it could be a scam.. They tweeted it:
“Open Exchange”
Open to what? getting scammed?
They lost their pride and money, but at least they haven’t lost their stupidity, clearly https://t.co/PeJhlKVKD8
— Thales (Tahless’) || HXRO (✖️,✖️) (@ThalesHXRO) February 9, 2023
“Open Exchange”… Open to what? To be scammed? They’ve lost their pride and their money, but at least they haven’t lost their stupidity, clearly https://t.co/PeJhlKVKD8
Another community member swore never operate on the exchange and intimidate its users. “I don’t care how good the commissions are, how good the settlement mechanism is or how good the funding arbs are going to be,” he wrote. In addition, a Twitter user came to wish badly on the users of the exchange.
Some kept their reactions simple and limited themselves to write “no thanks” to the ad or what described as an april fools joke that it arrived before time.
However, Not everyone is opposed to the idea of an exchange that allows claims to be traded. A community member described as a “killer idea” and said that those who “cry in the comments” would use the exchange to trade their claims and get liquidated again.
On January 16, the founders of 3AC and Coinflex began raising funds for the exchange project.. The project announced that they were seeking to raise $25 million to direct claims against bankrupt companies such as FTX, Celsius and Voyager.
On February 4, the co-founder of BitMEX Arthur Hayes cited an anonymous source and said that the 3AC founders had completed the fundraiser. Hayes expressed his frustration and said that the bull market must be starting. He tweeted:
Little birdie told me @KyleLDavies and @zhusu completed their raise. Must be the beginnings of a bull market if these muppets get money less than one year after they torched $18 billion on shitcoins. I ain’t mad at ya, but homeboy needs his money back lift tickets be expensive
— Arthur Hayes (@CryptoHayes) February 3, 2023
A little birdie told me that @KyleLDavies and @zhusu completed their fundraiser. It must be the start of a bull market if these muppets get paid less than a year after they burned through $18 billion worth of shitcoins. I’m not mad at you, but the guy needs his money back.
– Arthur Hayes (@CryptoHayes) February 3, 2023
TechCrunch founder, Michael Arrington, I described Like the “saddest shit” he’s heard in a long time. Meanwhile, Macro Financial executive Nik Bougalis said that 3AC founders raising new funds is shameful and indicates everything wrong with the spaceadding that anyone who provides funds to the 3AC founders should be “treated as scammers.”
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