3AC’s OPNX Has Been Denied Partnerships By Many Companies

Key Points:

• The new cryptocurrency exchange of the founders of Three Arrows Capital 9 (3AC) has been rejected by many companies for a partnership.
• The action was taken after OPNX shared information about its companies and venture funds.
• Its CEO expressed disappointment when companies wanted to seek financial benefits but denied cooperation for fear of criticism from the community.

The newly established cryptocurrency exchange of the founders of failed crypto hedge fund 3AC, OPNX, has released a list of investors. But surprisingly, many companies and funds have denied it.

Yesterday, OPNX shared an article about the significant investors participating in its project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China, Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited, etc.

2/ Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited and many more

They contributed not just capital, but also incredible feedback throughout the process of refining our vision, product offerings, tokenomics, legal framework & decision to relocate to HK.

— OPNX (@OPNX_Official) April 21, 2023

However, shortly after, DRW and Nascent refused to become investors in OPNX after the exchange said on Twitter that they had invested with others. MIAX declined to support and said it had not purchased any FLEX tokens. Susquehanna later joined the opt-out list.

Just to clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021.

— Nascent (@nascentxyz) April 21, 2023

DRW is not an investor in OPNX nor are any of its affiliates investors in OPNX.

— DRW (@DRWTrading) April 21, 2023

“We are aware of Coinflex’s proposed transaction with OPNX. We did not vote for or otherwise approve this proposed transaction, and we have not provided any funding to OPNX and have no intentions to do so,” Susquehanna told The Block.

The cryptocurrency exchange founded by Su Zhu and Kyle Davies after their hedge fund Three Arrows Capital (3AC) collapsed revealed its investors today. Still, many investors now out disclaim any connection.

When reached for comment, its CEO Leslie Lamb shared a statement posted to the exchange’s official Twitter account:

“We believe in full disclosure of our institutional backers and key strategic partners. It’s ugly for firms to seek financial gain while simultaneously denying association due to fear of social media backlash, the firm said. “Should any party waver in their dedication to transparency and industry advancement, we express our disappointment at their misrepresentation and prefer not to have them as investors in the future.”

The OPNX project of the 3AC founders from the very beginning has received strong opposition from the community because the project’s aim is towards failed crypto companies, which is not feasible. In addition, the founders of 3AC remain persistent because of their uncooperative attitude in restructuring the failed crypto hedge fund and its creditors.

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