Crypto Community Outraged by New Exchange Launch from Three Arrows Capital

Tweet Storm of Discontent

On February 9, 2023, the crypto community erupted like a shaken-up soda can when they heard the launch of Open Exchange—a project backed by the now-bankrupt hedge fund Three Arrows Capital (3AC). Many took to Twitter to voice their anger and confusion about the project’s existence, questioning the audacity of 3AC as they tried to make a comeback.

The Great Scam Debate

One particularly vocal community member threw shade at the name ‘Open Exchange,’ suggesting it was about as inviting as a one-way ticket to a scam destination. The gem of a tweet read:

“Open Exchange. Open to what? Getting scammed?”

Others didn’t hold back either. One user threatened to shun the platform for life, claiming they didn’t care how great the funding or fees might be. A fellow Twitter user even scoffed, stating it was like an April Fool’s joke that just couldn’t wait.

A Mixed Bag of Reactions

While the majority were throwing fits, a few brave souls saw a silver lining. One user even called it a “killer idea,” suggesting that the critics might just end up using the exchange to trade their claims, exposing that perhaps the critics loved drama more than they were letting on.

Funding the Future?

The story starts to thicken back on January 16, when 3AC and Coinflex began soliciting funds to raise $25 million for this daring venture targeting claims against well-known bankrupt firms like FTX and Celsius. How ironic, right?

When Will It End?

Meanwhile, Arthur Hayes, the co-founder of BitMEX, stirred the pot even more, speculating about the launch with a cryptic tweet that hinted at the premature start of a bull market. “Little birdie told me they completed their raise; must be the beginnings of a bull market,” he quipped, sounding half-jovial and half-disapproving. If only this tweet had a ‘what could go wrong?’ sticker on it!

Disgrace or Opportunity?

As the financial fog swirls, voices from the economic elite like TechCrunch founder Michael Arrington weighed in, labeling the return of 3AC founders as “the saddest bullshit” he’d heard in a while. Nik Bougalis, a Macro Financial executive, piled on, calling it disgraceful—and saying anyone who dares to fund these founders should be treated as scammers as well.

With reactions polarized from skepticism to reluctant intrigue, the Open Exchange saga is sure to be the topic of heated discussions across crypto circles for a while yet. Is it a potential comeback story or merely a mirage on the horizon? Only time will tell!