OPNX CEO scolds claimed backers after some refuse to invest in 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 CEO Leslie Lamb tweeted that the behavior of the firms was “disgusting” and “disappointing” and said they “want the upside with little or no risk.”
“I’m here to remind everyone that that’s not how entrepreneurship works, if it’s not already clear,” Lamb added.
OPNX is a bankruptcy claims firm established by Kyle Davies and Su Zhu, the founders of 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 includes AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International and Token Bay Capital Nascent and Tuwaiq Limited.
Almost half of the listed backers now claim they never chose to provide funding to OPNX and have denied any association with the firm.
The first company to publicly deny support was decentralized finance (DeFi) trading company Nascent, which claimed that while it purchased 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, saying that the funding had been “forcefully converted” from its original stake in CoinFLEX and that it “does not support what [Davies and Zu] did during the final days of 3AC.”
In addition, the capital markets company DRW Trading chose not to mince words when they distanced themselves from the exchange, tweeting outright that it is not an investor in OPNX.
Since the public spat first played out on Twitter, FLEX, the primary token of OPNX, has fallen more than 21%, according to data from TradingView.
Cointelegraph reached out to Susquehanna (SIG), MIAX Group, and China Merchant to clarify their investments in OPNX, but did not immediately receive a response.
Related: OPNX jokes about early dismal volume after reporting 90,000% surge
According to OPNX’s pitch deck that first circulated in January of this year, it will allow investors to buy and sell claims on bankrupt crypto firms such as 3AC and FTX.
Unlike other claims market firms, OPNX claims to allow clients 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 such as stocks and shares.
In June 2022, 3AC received a notice of default from crypto exchange Voyager Digital after defaulting on a loan of 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC).
On July 1, 2022, 3AC filed for bankruptcy and has been the subject of criticism from the broader crypto industry, with many of its creditors accusing the founders of running away from legal action.
A number of crypto companies have publicly tired 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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