3AC’s new exchange meets with rejection in crypto community

Twitter turned red with rage when it was announced that the Open Exchange, backed by Three Arrows Capital (3AC), launched on Feb. 9. Some vow never to use it and bully those who do.

News of the new project by controversial 3AC founders Su Zhu and Kyle Davies spread a month ago. At the time, the exchange was still code-named GMX. Even then, users were upset not only because the founders of the bankrupt hedge fund wanted to get back in the game but also because they used the name GMX, which is an obvious analogy to FTX. The name was quickly changed after the reactions.

Related: 3AC’s new monster

The new name of the exchange is Open Exchange. 3AC and Coinflex launched a website on Feb. 9 and opened the waiting list.

@ThalesHXRO reacted to the news on the Open Exchange launch and the naming:

"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

@beniduboss wrote:

I don’t care how good the fees are, how good the liquidation mechanism is or how good the funding arbs will be I swear to never trade on there and will actively bully those who will.

According to Arthur Hayes, co-founder of BitMEX, just this week Open Exchange project managed to raise the targeted $25 million:

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.

TechCrunch founder Michael Arrington retweeted Arthur Hayes’s post, adding it is the “saddest bullshit” he’s heard in a long time:

It makes me sad to see that they can raise like this when companies like Obsidian who bootstrapped and built a technology that actually helps people struggle to find any money at all.