A Crypto Hedge Fund Imploded. The Comeback Isn’t Going So Well.

The founders of Open Exchange are struggling to turn a page on their past failures

It is often said that investors have short memories. They may not be short enough for the founders of a new crypto exchange.

Su Zhu and Kyle Davies, who ran the collapsed crypto hedge fund Three Arrows Capital, are among the founders of Open Exchange, which wants to let its customers trade bankruptcy claims on failed crypto companies, including Celsius, FTX and even Three Arrows itself. But the fledgling venture, which went live in April, has been hit with numerous problems since it launched.