Voyager’s bankruptcy proceedings have seen positive developments after the company’s recent settlements, and it looks like the company will recoup more money.More Money Was Recovered3AC’s Founder Returned With New Exchange
Su Zhu, co-founder of Three Arrows Capital (3AC), announced in February 2024 his new project, the decentralized derivatives exchange OX.FUN, had successfully secured $4 million in funding. Foresight Ventures, a Singaporean venture capital firm that owns The Block, led the funding round, with other participants including Double Peak Group, Emchain, and Genblock Capital.
Launched in January this year, OX.FUN is a decentralized exchange that focuses on perpetual contracts. Su Zhu claimed the project plans to use the new funds for product development, team building, and platform expansion.
The announcement quickly attracted early users, with $1.5 billion OX deposited and $20 billion OX traded since launch. Additionally, OX.FUN plans to introduce copy trading vaults and other passive earning options.
It’s worth noting that Su Zhu and Kyle Davies, co-founders of OX.FUN previously created a centralized exchange called Open Exchange (OPNX). Formerly known as Coinflex, OPNX rebranded in March 2023. The exchange targeted the crypto asset claim trading niche from bankrupt companies like FTX and even 3AC itself.
Despite raising $25 million, OPNX struggled to gain traction and failed to succeed. As a result, the exchange closed its doors on February 2, 2024.
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Author: Nicholas Say
