ARE THEY EXCHANGING ONE SCAM FOR ANOTHER?
Exchange one scam for another? Why not!
Last month, the disgraced founders of 3AC Capital – the collapsed hedge fund facing $3.5 billion of creditors’ claims – announced the launch of OPNX. It’s a project where defrauded crypto investors could trade on the debts owed to them by companies such as FTX, Celsius, and, er, 3AC.
Crypto observers could not believe the duo’s nerve.
Co-founder Kyle Davies explained the thinking behind the move. “We fully admit, we were running a secret pyramid scheme with 3AC. It was wrong and we’ve learned our lesson. From now on we’re going to run a more open pyramid scheme where everyone knows they’ll get scammed at every level. So when OPNX fails to make whole again the-investors-we-defrauded-through-3AC, we’ll launch another project called JOKR. When that fails to make whole again the-investors-we-defrauded-through-OPNX, we’ll launch LAFZ which will defraud them a fourth, then GIGLZ, then HAHA, and so on and so forth.”
Why the comedy names, we asked?
Davies’ partner in crime, Su Zhu, explained, “We’re big fans of comedy. Particularly when it’s at the expense of other people. Though we haven’t always made our love of taking the piss obvious enough. 3AC actually stands for ‘Ack ack ack’, which is the sound of Popeye laughing. And OPNX stand for ‘Open Necks’ which is how you generate bigger laughs. As we generate more and more fraudulent companies, we plan to make it more obvious that our customers are very much the butt of the joke.”
Of course, Davies and Zhu are launching new projects while technically still on the run from prosecution for 3AC. When asked, the cocky duo declined to tell Planet Crypto where in the world they are hiding but admitted surprise that they hadn’t been recognised yet. “We do kind of stand out”, admitted Zhu. “I’ve got a brass neck and Kyle has to carry his giant cojones in a stroller.”