Venture capital firm denies leading $4M raise for Su Zhu's OX.FUN

On February 23, new gamified perps exchange OX.FUN announced it had secured a $4 million financing round. OX.FUN is reportedly a new crypto venture of Su Zhu, the co-founder of collapsed hedge fund Three Arrows Capital (3AC).

According to the OX.FUN team, venture capital firm Foresight Ventures led this new funding round. The fundraising also reportedly attracted participation from Double Peak Group, Emchain and GenblockCapital.

Foresight Ventures "did not lead" OX.FUN’s $4 million round

Today, February 24, the team at Foresight Ventures distanced themselves from the OX.FUN fundraiser.

“Foresight Ventures unequivocally declares that we are not affiliated with OX.FUN's fundraising endeavors in any capacity, nor do we endorse or support their current fundraising efforts,” reads a statement the VC posted on X.

The crypto investment and incubation firm noted that it had had discussions with an OX.FUN member over a potential token trade. It wasn’t about “an investment or endorsement of their fundraising campaign.”

Notably, the Foresight Ventures team says that deal has since been dropped. The token trade is no longer happening, they clarified.

“We regret any confusion that may have arisen from this misunderstanding and reiterate our commitment to maintaining transparency,” the X post reads.

OX.FUN and 3AC links

OX.FUN launched in January 2024 and features a dual-token model of $OX and $MILK. OX Coin ($OX) is the platform’s collateral and reward currency. But it's not the only 3AC-linked crypto business.

Su Zhu’s crypto hedge fund 3AC collapsed in 2022, with the contagion that followed its implosion impacting several other crypto companies. In early 2023, Zhu and 3AC co-founder Kyle Davies revealed a new crypto exchange dubbed OPNX.

That project has also hit the rocks, with customers warned of its impending shutdown earlier this year and advised to exit by February 14.