Su Zhu makes a comeback, with an article penetrating the Perp DEX project Quanto that has risen from the ruins of 3AC

Author: Lex, ChainCatcher

Su Zhu, the founder of Three Arrows Capital (3AC), makes a strong comeback after the bankruptcy scandal in 2022 and imprisonment in Singapore in 2023. His involvement in the Solana ecosystem project Quanto (token QTO) has seen a staggering 744% surge in the past week, with a circulating market cap reaching $30 million.

This former crypto giant, who once managed $10 billion in assets, is redefining his entrepreneurial journey through DeFi derivatives trading and meme coin investments.

From Prison to Rebirth: Su Zhu's "Redemption" Journey

Su Zhu, a name that once commanded respect in the cryptocurrency world, faced his greatest setback in 2022. The collapse of Three Arrows Capital (3AC), co-founded with Kyle Davies, followed the crash of the Terra/Luna ecosystem, leaving over $3.5 billion in creditor claims. This disaster not only destroyed 3AC but also triggered a chain reaction throughout the crypto market, affecting institutions like Voyager Digital and BlockFi.

On June 27, 2022, a court in the British Virgin Islands ordered the liquidation of 3AC. The Monetary Authority of Singapore (MAS) issued a severe reprimand against 3AC, accusing it of exceeding the $250 million asset management limit, providing false information, and failing to notify changes in directorship. Su Zhu and Davies "went silent" in front of creditors, first escaping to Bali for surfing and painting, then planning to relocate to the UAE.

On September 29, 2023, Su Zhu was arrested at Singapore's Changi Airport while attempting to flee to Hong Kong using a fake passport, sentenced to four months in prison for violating a commitment order and refusing to cooperate with 3AC's liquidator, Teneo. However, Su Zhu's description of his prison experience was surprising.

In a podcast interview in January 2024, Su Zhu described prison life as "overall really pleasant." He praised the daily routine in prison: reading, doing push-ups, uninterrupted sleep, and the absence of "internet, alcohol, or caffeine." This gave him a "magical feeling" of connecting with his ancestors, relieving spinal pressure, and focusing on "ancient" forms of entertainment like reading. Su Zhu even suggested that everyone should experience prison life for personal growth, stating that "health is the only true measure of wealth."

Quanto: The Glamorous Transformation of OX.FUN

The QTO token belongs to Quanto, a decentralized perpetual futures trading platform (perp DEX) based on Solana, set to launch in September 2025. The platform allows users to trade perpetual contracts using a variety of collateral, including BTC, ETH, meme coins, NFTs, and liquidity provider (LP) tokens, with leverage up to 100 times.

Quanto is a rebranding of the early OX.FUN project, focusing on similar derivatives trading. The platform emphasizes high-speed trading, deep liquidity, and capital efficiency through its QLP (Quanto Liquidity Provider) mechanism, supporting the trading of micro-cap tokens with a market cap of around $10 million.

According to community discussions and on-chain data, Su Zhu is deeply involved in the Quanto project as a co-founder, alongside another 3AC co-founder, Kyle Davies. The two have re-entered the DeFi trading platform space following 3AC's bankruptcy.

On March 3, 2025, Su Zhu announced on the X platform that he would officially lead the platform, stating that stronger oversight was needed to address past challenges. He described the vision for OX.FUN as "making trading faster, simpler, and more convenient," inspired by user-friendly products like Hyperliquid, Pump.fun, and Deribit.

Community Response: A Mix of Doubt and Support

Su Zhu's historical background has placed his new associated project (Quanto) in the eye of public scrutiny since its inception, with community reactions showing stark polarization.

On one hand, there is a profound trust crisis stemming from the collapse of 3AC. Around September 23, a wave of FUD (fear, uncertainty, doubt) erupted on X against the project. Many critics labeled it a "scam project," citing Su Zhu's poor track record in past projects, particularly the alleged "rug pull" actions. For this group of investors, any project associated with Su Zhu carries inherent risks, and they fear history may repeat itself.

On the other hand, supporters of the project and the new management team quickly provided rebuttals and clarifications, attempting to construct a narrative of "rebirth." A key clarification point is that investor @yqboom has acquired the OX.Fun platform and restructured a new team without Su Zhu's involvement. To distance themselves from 3AC's high-risk model, the new team has implemented specific risk control measures, such as establishing "global open position limits" to avoid excessive leverage. Additionally, the project team has sought to gain trust through continuously updated token economics, including a high-profile announcement of its token burn plan (over 29 million QTO tokens have been burned since launch) and a commitment to use platform revenue for token buybacks to enhance its value support.

Thus, the community narrative around Quanto presents a divided state: one side believes it has an "illegitimate lineage" and is an untrustworthy continuation, while the other sees it as an independent project that has completed a separation and improved its fundamentals. This controversy and reconstruction coexist, complicating external judgments about its future and directly leading to our final observations.

Conclusion: Rebirth Amid Controversy

Su Zhu's return is accompanied by a series of actions. He co-founded the OPNX exchange, aiming to provide claims trading services for creditors of bankrupt crypto companies; his new platform OX.Fun recently completed a $4 million funding round. These moves are seen as attempts to transform past industry failures into new business opportunities, with the price of the associated QTO token also rising significantly, attracting market attention.

In public appearances (Token2049 event), Su Zhu actively works to rebuild his industry influence and presents new market perspectives. He predicts that, as retail investors become increasingly unwilling to serve as "exit liquidity" for venture capital (VC), meme coins will outperform traditional altcoins.

However, Su Zhu's comeback journey is not without challenges. He denies allegations of fraud and attributes his company's failures to the forced liquidation initiated by creditors. Yet, the liquidators of 3AC are still pursuing him for up to $1.1 billion in assets and have successfully applied for a global asset freeze.

The unresolved legal and financial issues add significant uncertainty to his "comeback" narrative. Quanto's future performance will serve as an important indicator of whether this controversial figure has truly achieved rebirth.

(This article is for reference only and does not constitute any investment advice)

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