Arthur Hayes, co-founder of BitMEX, has faced some trouble due to the Tai Ping Shan dispute between him and the Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies. It started when Hayes came to know about them raising funds from Bahrain’s Sovereign Wealth Fund and trading through Tai Ping Shan also known as TPS Capital. On Twitter, Hayes cursed them and demanded his money back immediately.

This occurred in July 2022, when 3AC filed for bankruptcy and was struggling to recoup the losses occurred because of the collapsing of the Terra LUNA ecosystem amounting to $40 billion. 3AC had no idea of the Terra whitepaper.

CoinDesk posted an article showing that TPS Capital was an over-the-counter (OTC) trading desk established by 3AC. Despite all the criticisms 3AC faced, trading kept going on through TPS. The registered entity of TPS Capital has been mysterious about the legal ownership, however, three individuals have been observed running it: Su Zhang and Kyle Davies of 3AC, and one more person.

The Singaporean justice, who was investigating 3AC finance, had the right to access the personal data of the three individuals, including those in Tai Ping Shan Capital.

Recently, under the situation of 3AC bankruptcy, legal service avoidance and yet to pay back any creditors, surprisingly Zhu and Davies had managed to collect millions of dollars to introduce another crypto exchange, named GTX and then OPNX. While launching, the liquidity was less than expected as not many users were ready to deposit capital in that and also experienced a Twitter suspension. OPNX allows for trading of bankruptcy claims of 3AC which caused an uproar among the users. OPNX has its own token as well.



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