• OPNX, a crypto bankruptcy claims exchange firm co-founded Kyle Davies, has received backing from distinguished firms.
• OPNX was created in partnership with CoinFlex in February and its mission is to help over 20 million claimants of money lost in bankrupt crypto businesses.
• The fall of 3AC is widely traced back to the collapse of LUNA and its stablecoin project, Terra USD (UST), which resulted in 3AC filing for bankruptcy in July 2022.
OPNX Backed by Appworks, MIAX Group, SIG
OPNX, a crypto bankruptcy claims exchange firm co-founded Kyle Davies, has received backing from distinguished firms including Appworks, DRW, MIAX Group and Susquehanna International Group (SIG). OPNX tweeted the announcement with CEO Leslie Lamb expressing gratitude for everyone who has supported and believed in them. The backers have contributed capital and feedback on OPNX’s products, legal frameworks, and the decision to move to Hong Kong.
OPNX went live on April 4 following its creation in partnership with CoinFLEX earlier in February. Its mission is to help over 20 million claimants of money lost in bankrupt crypto businesses such as Celsius Network, FTX BlockFi and 3AC which Zhu Su and Kyle Davies founded. Investors include institutions that have come through CoinFLEX and direct OPNX investors.
The Fall of 3AC
Three Arrows Capital (3AC) was founded by Zhu Su and Kyle Davies in 2012. The Singapore-based hedge fund managed up to $18 billion of cryptocurrency assets at the peak of its success but later fell due to the collapse of LUNA’s stablecoin project Terra USD (UST). This ultimately led to 3AC filing for bankruptcy in July 2022 after a court ruling ordered their assets be liquidated.
OPNEX On The Rise
Despite an initial slow start for the platform which experienced limited trading activity since launch, OPNEX now has better prospects with backing from many high-profile investors contributing capital and feedback on products as well as legal frameworks when moving to Hong Kong.
Overall it can be seen that despite an initially slow start following launch due to limited trading activity; OPNEX now has better prospects thanks largely due to significant backing from high profile investors such as AppWorks, Susquehaana International Group (SIG), DRW & MIAZ Group all contributing capital & feedback on product & legal framework when making move into Hong Kong