Apr 21, 2023

3AC Co-Founder Transitions to Restauranteur, OPNX Exchange Booms, Bruce Lee NFTs Fizzle

The East Asian crypto industry is abuzz with news this week, with a former hedge fund manager making a name for himself in the restaurant industry, a new exchange launched by the co-founders of a once-thriving hedge fund, and a legendary martial arts actor making waves in the NFT space.

Three Arrows Capital (3AC), a Singaporean hedge fund worth an estimated $10 billion at its peak, was utterly decimated by the bear market last year. But the company’s co-founders are doing well, with Kyle Davies, one of the co-founders, having transitioned into a professional chef. Davies is now focused on perfecting the art of cooking chicken, and he recently threatened legal action against anyone posting “intentionally false reviews and defamation against my restaurant.”

Davies and fellow co-founder Su Zhu launched the OPNX exchange on April 5, which is designed to trade bankruptcy claims of fallen crypto entities such as FTX and Celsius. OPNX has seen impressive growth, with daily trading volume reaching nearly $1.8 million by the time of publication — a sum that exceeds the daily trading volume of all regulated crypto products listed in Hong Kong.

In other 3AC news, Sotheby’s auction house announced it would sell a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose,” purchased by Davies and Zhu with $5.8 million in Ether in August 2021. Zhu appears to have taken the news in stride, quoting the famed English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all.”

Singaporean Bitcoin miner SAI.TECH is also making headlines this week. Shares of the Nasdaq-listed company surged by over 360% in one day to a high of $7.42 before giving back much of its gains. The company develops Bitcoin mining infrastructure hardware and has consolidated its product lines into three categories; Ultiaas, Boltbit, and Heatnuc.

Finally, the Bruce Lee Foundation, directed by the late Hong Kong film legend’s daughter Shannon, partnered with NFT video platform Shibuya to launch The House of Lee collection to celebrate the life and work of the namesake Kung Fu legend. A total of 48,691 NFTs were minted at a price of 0.008 Ether (ETH), to 6,452 owners (13% unique). The sale grossed approximately $730,000, minus the cost of placing a mega billboard advertisement for the NFT drop on Broadway. While the initial sale may have been somewhat lukewarm, the NFTs are billed as “Your ticket to the House of Lee,” and there are reports that this is a mere first stage of an ongoing Web3 collaboration, suggesting that the martial arts legend may continue to fight on in the realm of blockchain.

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