- Founders of the bankrupt Three Arrows Capital (3AC), Zhu Su and Kyle Davies, launch a ‘Justice’ token in response to the Terraform Labs whistleblower.
- ‘Justice’ token serves as an innovative mechanism to reimburse those affected by the fallout of the defamation caused by the whistleblower.
In the unceasingly dynamic realm of cryptocurrencies, the founders of the now-defunct cryptocurrency hedge fund, Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have made headlines again. This time, they’ve announced the birth of a new ‘Justice’ token, aimed at the anonymous whistleblower who blew the lid off Terraform Labs.
1/ Given the commencement of legal proceedings against FatManTerra by several parties, the FatManTerra Justice Token will launch this week.
It will be distributed equally between $RLB, $LUNA, $LUNC and $OX holders— 4 communities harmed by his long-term malicious disinformation.
— OPNX 🐂 (@OPNX_Official) July 30, 2023
This revelation comes barely two months after the duo unveiled their plan to operate another cryptocurrency platform, the Open Exchange.
The Birth of ‘Justice’ Tokens
The announcement, as divulged in a tweet by Open Exchange, revealed that the FatManTerra Justice Tokens are due for launch later this week. The tokens will be distributed evenly among holders of RLB, LUNA, LUNC, and its native token, OX.
The anonymous detective, known as FatManTerra, played a crucial role in unmasking the discrepancies in Do Kwon’s Terraform Labs, ultimately triggering its downfall and leaving several investors in a lurch. Legal actions against FatManTerra have been initiated by various parties, and Open Exchange posits that these ‘Justice’ tokens will offer recompense to those tarnished by the defamation.
The advent of the ‘Justice’ token was met with widespread skepticism within the crypto community. According to its whitepaper, ‘Justice’ Tokens intend to restore the losses to the community afflicted by the defamation. However, these tokens exist as independent meme tokens with no intrinsic value or backing, boasting a maximum supply of 1 billion.
Rise of the Open Exchange
The cryptocurrency landscape was rocked in May 2022 when the value of the Terra stablecoin and Luna coin plummeted to nil. The catastrophic fallout led the Singapore-based crypto hedge fund Three Arrows Capital (3AC), once valued over $10 billion, to declare bankruptcy after severe losses from its nearly worthless staked Luna position.
Despite the ongoing repercussions of the Terraform Labs and 3AC disaster, the 3AC founders have embarked on establishing a new exchange in collaboration with the co-founders of CoinFlex. Dubbed as Open Exchange, launched in April 2023, it brands itself as the first global public marketplace for crypto claims trading and derivatives.
The innovative exchange launched with its proprietary token, $OX, along with a unique staking and governance platform named The Herd. As per the distribution plan, 75% of the total supply of ‘Justice’ Tokens will be distributed over six months to $OX stakers in The Herd, while 20% is earmarked for liquidity providers. The remaining 5% will be directly gifted to the Milady NFT community. The $OX has seen a staggering 288% rise since its inception, trading at $0.038 at the time of writing.
