The controversial founders of now-bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davies, have announced the launch of a brand new ‘Justice’ token, focused particularly on the whistleblower who outed Terraform Labs.
This comes just a bit greater than two months after the hedge fund founders introduced that they might be working one other crypto change known as the Open Trade.
3AC Founders To Launch Justice Tokens
In keeping with a Twitter put up by Open Trade, the FatManTerra Justice Tokens shall be launched later this week and shall be distributed equally between holders of RLB, LUNA, LUNC, and its native token OX.
Nameless crypto sleuth FatManTerra was a significant whistleblower who sparked curiosity within the investigations of Do Kwon’s Terraform Labs, resulting in the eventual collapse of the blockchain firm and a number of other of its traders. Whereas a number of events have began authorized proceedings towards FatManTerra, Open Trade claims these Justice Tokens shall be used to compensate these affected by defamation.
1/ Given the graduation of authorized proceedings towards FatManTerra by a number of events, the FatManTerra Justice Token will launch this week.
— OPNX 🐂 (@OPNX_Official) July 30, 2023
The shock announcement of the ‘Justice’ token was met with widespread criticism from the crypto neighborhood. In keeping with the whitepaper for the brand new cryptocurrency, Justice Tokens are a mechanism to return the price of hurt to the neighborhood affected by defamation.
Nonetheless, the tokens are unbiased meme tokens with out intrinsic worth or backing and have a most provide of 1 billion.
What Is Open Trade?
The cryptocurrency trade was thrown into disarray in Might 2022 when the worth of the Terra stablecoin and Luna coin dropped to zero. As a part of the fallout, Singapore-based crypto hedge fund Three Arrows Capital (3AC), price greater than $10 billion at its peak, needed to file for chapter after incurring vital losses on account of its staked Luna place returning nearly nothing.
Whereas the complete fallout from the collapse of Terraform Labs and 3AC continues to be unfolding, the founders of 3AC have gone forward to create a brand new change with the co-founders of CoinFlex. Launched in April 2023, Open Trade phrases itself because the world’s first public market for crypto claims buying and selling and derivatives.
The brand new change additionally launched with its personal token known as $OX together with a brand new staking and governance platform known as The Herd. 75% of the entire provide of Justice Tokens shall be distributed over six months to $OX stakers in The Herd, whereas 20% will go to liquidity suppliers. The final 5% shall be gifted on to the Milady NFT neighborhood.
The worth of $OX has skyrocketed by greater than 288% since its launch. On the time of writing, $OX is buying and selling at $0.038.
OX token value trending at $0.038 following announcement | Supply: OXUSDT on Tradingview.com
Featured picture from Bloomberg, chart from Tradingview.com