Some so-called Open Exchange (OPNX) investors have come under fire from the CEO of the crypto-claims trading platform after some were named as supporters and publicly distanced themselves from the project.
On April 22, OPNX CEO Leslie Lamb tweeted that the actions of the companies were "disgusting" and "disappointing" and said they "hope to do so at virtually no risk." obtain all the benefits under the circumstances". here to remind everyone that entrepreneurship doesn't work like this, if it wasn't already clear," Lamb added.
OPNX is a bankruptcy claims firm founded by Kyle Davis and Su Zhu, founders of bankrupt crypto hedge fund 3 Arrows Capital (3AC). The show first kicked off on April 21, when OPNX tweeted a video of Lamb, thanking some "major investors" for their support. The list of investors appointed by OPNX includes AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchants Bank International and Token Bay Capital Nascent and Tuwaiq Limited.
Now, nearly half of listing backers claim they never chose to fund OPNX and deny any and all affiliation with the company. The first company to publicly deny support was decentralized finance (DeFi) trading firm Nascent, which claimed that while it purchased the Coinflex ( Flex) Token, Which WAS FIRST ISSUED by A Previous Manifestation of the Company, it did not participated in opNx's funds. AppWorks, a taiwan-based Venture CA pitch firm, fresher class items investment stance on twitter on April 22, stating that its functions had been “forced to switch” from its original holding in CoinFLEX and that they “do not support [Davies and Zu's ] did it in the last days of 3AC.”
Additionally, capital markets firm DRW Trading chose to be blunt when it distanced itself from the exchange, stating that it is “not an investor in OPNX.” In comments emailed to Cointelegraph, Susquehanna International Group denied ever investing in OPNX.
"We are aware of coinflex's proposed transaction with opNx. We have not voted in favor of or Otherwise APPROVED THIS PROPOSACTIN. Ed Any Funds to Opnx and Have No Intentation So. Token Bay Capital Told COINTELEGRAPT CoinFLEX in early 2022 and was not a “major investor.” OPNX’s main token, FLEX, has plunged more than 21 percent since the public spat first unfolded on Twitter, according to TradingView.
According to a pitch platform OPNX first announced in January, the platform will allow investors to buy and sell claims on bankrupt crypto companies such as 3AC and FTX.
Unlike other claims marketplace companies, OPNX claims to allow customers to use claims as collateral for transactions. Additionally, the company said it could help “fill the power vacuum left by FTX” and expand into other more regulated markets, such as stocks and equities.
In June 2022, 3AC received a notice of default from cryptocurrency exchange Voyager Digital after failing to pay a loan of 15,250 Bitcoin
bitcoin and $350 million in USDC. Then on July 1, 3AC filed for bankruptcy and became a target of criticism from the broader crypto industry, with many of its creditors accusing its founders of avoiding legal action. Multiple crypto companies have publicly stated that they will refuse to associate with anyone who supports OPNX. In any case, CoinFLEX, the main company behind the OPNX project, defended itself, claiming that it will help clients of failed crypto businesses “come back whole.”
