Ripple’s Former Lead Engineer on 3AC Founders’ Plans To Start a New Crypto Exchange
TL;DR Nik Bougalis, the former Director of Engineering at Ripple, has warned against investing in the new crypto exchange proposed by Su Zhu and Kyle Davies, co-founders of bankrupt Three Arrows Capital. He believes that anyone who chooses to invest in their project will be exposing themselves as a "consciously bad actor".
On Monday (16 January 2023), Nik Bougalis, the former Director of Engineering at Ripple, shared his thoughts on the attempt by Su Zhu and Kyle Davies, co-founders of bankrupt crypto hedge fund Three Arrows Capital (“3AC”) to raise funds for a new crypto exchange.
On 21 October 2022, Bougalis, who had been working on the XRP Ledger (XRPL) for around ten years, took to Twitter to say:
“My decade-long journey at @Ripple has been a fantastic (if exhausting and all-consuming) one. I got to work on a project that I love, towards a goal I believe in. But that journey will be coming to an end in a few weeks. I am grateful to have had the opportunity to work alongside and learn from @JoelKatz, Arthur Britto, my teammates on the C++ team (past and present) and so many others at Ripple. The camaraderie and esprit de corps of the C++ team is what I’ll miss the most.
“And what of the #XRPL? Its long-term health and success isn’t predicated on any one person. I’m confident that it will be just fine, thanks to talented and passionate individuals who contribute and participate, each in their own way. Leaving Ripple wasn’t an easy decision, but it is the right one for me. To my fellow Ripplers: I wish you unbridled success.
“As for what’s next? I’ll talk about it when it’s time, but I am NOT joining another blockchain project/company, nor am I doing NFTs or DeFi.“
On 11 January 2023, he announced on Twitter that he was joining Miami-based trade finance company Marco as its new CTO:
Say a huge HOLA👋🏼 to @nbougalis , new CTO of Marco!!!
We are so thrilled to have you with us, Nik! Thank you for joining us on this amazing journey.🌱
We know we will accomplish so many great things together! Welcome to Marco!! 🚀✨ https://t.co/A9Ncp1eGHy — marco (@Marco_Financial) January 11, 2023
Earlier today (16 January 2023), The Block reported that 3AC co-founders Su Zhu and Kyle Davies are “hoping to raise $25 million to start a new crypto exchange called GTX.”
Here is what Bougalis thinks about this news:
Anyone that gives these irredeemable scammers a single red cent to help fund this new exchange, will only be exposing themselves as a consciously bad actor. https://t.co/V5SIIUsFOl — 𝙽 𝙸 𝙺 𝙱 (@nbougalis) January 16, 2023