OPNX CEO scolds claimed backers after some deny investing in the firm


A number of supposed Open Exchange (OPNX) investors have been blasted by the CEO of the crypto claims trading platform after some publicly distanced themselves from the project after being named as backers.

On April 22, OPNX’s CEO Leslie Lamb tweeted that the behavior of the firms was “disgusting” and “disappointing,” saying thathey “want all the upside with little to no risk.”

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“I’m here to remind everyone that’s not how entrepreneurship works, if it isn’t already clear,” Lamb added.

OPNX is a bankruptcy claims firm established by Kyle Davies and Su Zhu, the founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC).

The drama first began on April 21 when OPNX tweeted a video of Lamb thanking a number of “major investors” for their support.

The list of investors named by OPNX included AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International and Token Bay Capital Nascent and Tuwaiq Limited.

Nearly half of the listed backers now claim they never elected to provide funding to OPNX and have denied any and all association with the firm.

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The first company to publicly deny support was decentralized finance (DeFi) trading firm Nascent, which claimed that while it bought Coinflex (FLEX) tokens, first issued by the company’s previous manifestation, it did not participate in a funding round for OPNX.

Taiwan-based venture capital firm Appworks took to Twitter on April 22 to provide further clarification on its investment position stating that its funding had been “forcibly converted” from its initial holdings in CoinFLEX and that they “do not support what [Davies and Zu] did during the last days of 3AC.”

Additionally, capital market company DRW Trading chose not to mince words when distancing itself from the exchange, bluntly tweeting it is “not an investor in OPNX.”

Since the public spat first played out across Twitter, FLEX, the primary token of OPNX, has plummeted more than 21%, according to TradingView data.

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Cointelegraph contacted Susquehanna (SIG), MIAX Group and China Merchant for clarification on their investments in OPNX but did not immediately receive a response.

Related: OPNX quips about its early dismal volume after reporting 90,000% surge

According to OPNX’s pitch deck, which first circulated in January, the platform will allow investors to buy and sell claims on bankrupt crypto firms such as 3AC and FTX.

Unlike other claims market firms, OPNX purports to allow customers to use claims as collateral for trading. In addition, the firm stated that it could help “fill the power vacuum left by FTX” and expand into other more regulated markets like stocks and equities.

In June 2022, 3AC received a notice of default from crypto exchange Voyager Digital after failing to pay a loan of 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC).

Then on July 1, 3AC filed for bankruptcy and has been the subject of criticism from the broader crypto industry, with many of its creditors accusing its founders of running away from legal action.

A number of crypto companies have publicly stated that they will refuse to associate with anyone who supports OPNX. Regardless, CoinFLEX, the main company behind the OPNX project, has defended itself, claiming that it will help make customers of failed crypto ventures “whole again.”

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Author: Tom Mitchelhill

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