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Did 3AC founders lie about OPNX their new claims exchange? 



The founders of the now-bankrupt crypto hedge fund Three Arrows Capital and now the founder of a new venture, a crypto claims exchange, OPNX have now once again been involved in a somewhat controversial position. Open Exchange, OPNX major investors denied investing as the firm gets set to launch claims for its first estate, Celsius.  OPNX founded by Su Zhu and Kyle Davies released a list of investors walking with them towards their mission of helping 20M+ claimants. 

Some of the investors include AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited. Some of the investors however denied investing in the firm.

Their contribution to the firm according to OPNX was not just capital based but came in the form of feedbackfeedback throughout the process of refining the vision, product offerings, tokenomics, legal framework & OPNX’s decision to relocate to HK.

OPNX stated that “institutional backers either directly invested in OPNX, or negotiated equity through the CoinFLEX restructuring, as evidenced by public court filings.”

The firm described the major investors as a strong group of backers who with their commitment made OPNX happen.

Only about a few hours after the announcement did Nascent respond in a Tweet mentioning not participating in the OPNX fundraising round. Nascent said, “To clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021.”

DRW, MIAX Group, and Susquehanna (SIG) disclosed to a media outlet that they are not investors in OPNX, or have plans to do so, a Susquehanna spokesperson said.

OPNX CEO, Leslie Lamb reacted saying the unfolding from the listing is “nonsense that has ensued from transparent communications.”

She stated that DRW is not publicly supporting its portfolio company given their involvement was already confirmed in public filings.

To SIG she said they were included because as OPNX has acquired the CoinFLEX tech, team and token, creditors would agree that it would be unfair for them to benefit financially without public support. 

The CEO said MIAX Group only confirmed that they do not wish to receive equity as their co-investors fought to do during the CoinFLEX restructuring. 

“To everyone named above and all of our investors who viciously fought for equity but refuse to support in any way — it is as disgusting as it is disappointing,” she said.

Further, she said that “it is troubling to see certain investors, who aggressively negotiated for maximum equity and claim to support our mission, later attempt to publicly disassociate themselves.” “Thankfully, everything is documented,” she added.

Ari Paul, Founder BlockTower Capital initially commented that the entities mentioned as investors, “at least one of the entities (almost certainly 2+) did not invest in the exchange, but rather in an unrelated project of Lamb’s a while ago, and presumably that’s the basis for Kyle/Su to make the claim (as they’re working with Lamb now.)”

Ultimately, OPNX CEO said the firm will continue to focus on what matters most and deliver claims trading in May.

Read also;

The KuCoin hack: full story & what’s next

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