Asia Express – Cointelegraph Magazine
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Three Arrows Capital (3AC), a once-bourgeoning Singaporean hedge fund worth an estimated $10 billion at its peak, was utterly obliterated by the bear market last year. However, the carnival it has created since the initial blowup still lives on, and its main characters appear to be doing quite well, too.
One of 3AC co-founders, Kyle Davies, appears to have finally found some solace from the experience. After much turmoil, the former hedge fund manager has now transitioned into an aspiring restauranteur fixated on one task — perfecting the art of cooking chicken.
Any seasoned chef would know that cooking a tender, well-seasoned, juicy and crispy-skinned chicken is a rather exquisite skill. To perfect it, one needs to maintain a razor-sharp focus on the meat while techniques are applied, which requires cutting out distractions — such as focusing on negative feelings related to creditors trying to claim $3.5 billion from 3AC’s bankruptcy — during the performance.
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Generally speaking, chefs don’t like customers who are rude. This is why when a user suggested on April 14 to review-bomb Davies’ new Dubai restaurant, the now professional cook immediately threatened legal action against individuals who post “intentionally false reviews and defamation against my restaurant.”
Meanwhile Davies and fellow co-founder Su Zhu launched the OPNX exchange on April 5, launched to trade bankruptcy claims of fallen crypto entities such as FTX and Celsius. Although daily volume was only around $13 initially, by the time of publication, the exchange has reached nearly $1.8 million in daily trading volume.
It’s not pleasant being the one to disappoint the crowd, but these numbers are pretty impressive. Consider the fact that the sum of all regulated crypto products listed in Hong Kong only does about $1.19 million in volume per day.
Not that the exchange is playing up its 3AC ties. In an April 14 interview, OPNX CEO Leslie Lamb reportedly said that “While Su Zhu and Kyle contributed much in terms of early-stage ideas and vision, they currently are no longer involved in OPNX’s everyday operations.”