• OPNX, a crypto exchange backed by 3AC founders Su Zhu and Kyle Davies, has launched with plans to offer claims trading to help users of bankrupt crypto platforms including FTX and Celsius.
• The project was announced on April 4th by OPNX CEO Leslie Lamb and the website for the exchange was formulated in February.
• Following the collapse of 3AC, Mark Lamb and Sudhu Arumugam have been collaborating with Zhu and Davies to build the platform.
OPNX Crypto Exchange Launches
Crypto exchange Open Exchange (OPNX), backed by Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies, has launched with plans to offer claims trading aimed at helping users from bankrupt crypto platforms including FTX and Celsius. The launch announcement was made on April 4th by OPNX CEO Leslie Lamb with the website for the exchange being formulated in February.
Collapse Of 3AC
Three Arrows Capital (3AC), a crypto-friendly hedge fund that once held $10 billion worth of assets, went bust amid the 2022 market crash. Following the collapse of 3AC, Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam later said they would be working with Zhu and Davies to build a new platform, reportedly originally pitched as “GTX” before settling on OPNX. Authorities in the United States have also issued a subpoena to Davies via Twitter regarding his alleged role in 3AC’s collapse.
Working Towards Claims Trading
According to Lamb, OPNX is open for spot trading and futures trading immediately while claims trading will be available soon after launch. “Claims trading will be the next thing that we launch, so that these claimants can have an opportunity to be made whole again,” he said. This type of service is aimed at helping those affected by failed crypto platforms get back some or all of their lost funds through claiming processes established by exchanges or other financial entities involved in these activities.
Airdrop And Due Diligence
In addition to launching claims trading services, OPNX also planned an OKEx cryptocurrency token (OKB) airdrop worth over $3 million as part of its opening event this week according to reports from Asia Express Magazine. To ensure responsible investing practices are followed when it comes to handling customer funds, investors were given only one hour for due diligence on 3AC prior to participating in this particular event.
At present time both Davies’ and Zhu’s whereabouts are unknown but both co-founders remain active on social media channels which could point towards them still being involved behind-the-scenes with running operations for OPNX despite not making any public appearances since news broke about their involvement with this project earlier this year