3AC FOUNDERS OPNX EXCHANGE CLAIMS TO BE FUNDED BY APPWORKS, SIG, MIAX GROUP

The crypto world is no stranger to controversy, but the story of OPNX, a crypto exchange launched by the co-founders of the infamous Three Arrows Capital (3AC), takes the cake.Launched in April 2025 by Su Zhu and Kyle Davies, OPNX aimed to tokenize bankruptcy claims, allowing users to trade them as collateral for perpetual contracts.However, the project was plagued by skepticism and criticism from the start, largely due to the baggage associated with its founders and the collapse of 3AC.Now, OPNX is officially ceasing operations less than a year after its launch. DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokens from the company s previous incarnation. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by the company featured CEO Leslie Lamb thanking some of theThe drama intensified when OPNX announced a list of alleged backers, including prominent venture capital firms like AppWorks, Susquehanna International Group (SIG), and MIAX Group.But has the crypto community questioned the accuracy of those claims? 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX GroupWith some firms reportedly denying their involvement and others distancing themselves, the situation has become a tangled web of accusations and disavowals. In April 2025, Su Zhu and Kyle Davies, the co-founders of the failed crypto hedge fund Three Arrows Capital (3AC) started a new venture called OPNX. Less than a year later, that venture meant to facilitate the trading of bankruptcy claims and cryptocurrencies is officially shutting down.This article delves into the OPNX saga, exploring its controversial origins, the funding claims, the backlash, and ultimately, its rapid demise. OPNX has been heavily criticized in the crypto community for its association with Su Zhu and Kyle Davies, founders of the bankrupt 3AC hedge fund. Some firms have claimed they may refuseWe'll uncover the truth behind the venture capital claims and the broader implications for the crypto industry.

OPNX: Born from the Ashes of 3AC

The story of OPNX is inextricably linked to the downfall of Three Arrows Capital (3AC). 3AC, once a major player in the crypto hedge fund space, spectacularly collapsed in 2022, leaving a trail of unpaid debts and angry creditors.The implosion sent shockwaves through the industry, contributing to a broader crypto winter. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedlyIt’s against this backdrop that Kyle Davies and Zhu Su, the architects of 3AC's failure, launched OPNX.

A Controversial Beginning

The very idea of Davies and Zhu starting a new exchange so soon after the 3AC debacle raised eyebrows. 3AC founders' OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokens from the company s previous incarnation.Many in the crypto community felt it was inappropriate, if not outright audacious, for the duo to re-enter the space after causing so much financial damage.The anger was palpable, with some voicing concerns about their ability to manage risk and their commitment to ethical practices.This negative sentiment hung heavy over OPNX from day one, making it an uphill battle to gain trust and acceptance.

What Was OPNX Supposed to Do?

OPNX aimed to be a different kind of crypto exchange.Its core concept revolved around tokenizing users' claims against bankrupt crypto companies.In essence, it sought to create a marketplace where these claims could be traded, offering a way for creditors to potentially recoup some of their losses.Users could then use these tokenized claims as collateral to trade perpetual contracts. Susquehanna (SIG) was one of the early backers of TikTok, and MIAX Group owns a U.S.-regulated equities and options exchange. AppWorks is also listed on Cunchbase as a partial owner of Uber. At least one of the firms mentioned in the video has denied funding the project.This novel approach, while innovative, was inherently complex and tied to the volatile world of crypto bankruptcies.

The Funding Controversy: AppWorks, SIG, and MIAX Group

To gain credibility and attract users, OPNX needed financial backing. An April 21 video posted by the company featured CEO Leslie Lamb thanking some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.The company released a video in April 2025, where CEO Leslie Lamb thanked several investors, including AppWorks, Susquehanna International Group (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.This announcement, however, sparked immediate controversy.The question then becomes, were these investment claims credible?

The Claims and the Denials

Several of the firms named in the video quickly distanced themselves from OPNX.While some acknowledged preliminary discussions, they denied providing any actual funding. OPNX has been heavily criticized in the crypto community for its association with Su Zhu and Kyle Davies, founders of the bankrupt 3AC hedge fund. Some firms have claimed they may refuse to associate with anyone who helps fund the new exchange.This discrepancy between OPNX's claims and the firms' statements created a cloud of doubt around the exchange's legitimacy. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by the company featured CEO Leslie Lamb thanking some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant [ ]The lack of transparency and the conflicting narratives further eroded public trust.

Why the Backlash?

The association with 3AC was a major deterrent for potential investors.Many firms were wary of being linked to Davies and Zhu, fearing reputational damage. According to the video uploaded on April 21, the backers of OPNX have previously funded various tech and financial projects. SIG was one of the early backers of TikTok, and MIAX Group owns a U.S.-regulated equities and options exchange. AppWorks is alsoAt least one of the firms mentioned in the video has denied funding the project.The crypto community is highly sensitive to ethical considerations, and supporting a venture led by figures associated with a major financial failure was seen as a risky proposition. 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group Norge Nyheter Nyheter. Norge Siste Nytt,Norge OverskrifterThe concerns about due diligence and responsible financial management were paramount.

Who Were the Alleged Investors?

Let's take a closer look at the firms that OPNX claimed were backing the exchange, and what we know about them:

• AppWorks: A venture capital firm based in Taiwan, AppWorks has a history of investing in tech startups.They have been listed on Crunchbase as a partial owner of Uber.
• Susquehanna International Group (SIG): A global quantitative trading firm with a diverse portfolio. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backingNotably, SIG was an early backer of TikTok.
• MIAX Group: A company that owns a U.S.-regulated equities and options exchange.

The involvement of firms with established reputations in traditional finance and technology would have lent OPNX a degree of credibility. Market Cap: $2,715,585,398,381.41 24h Vol: $68,279,173,317.45 BTC Dominance: 50.30% Home; Coins MarketCap; Crypto Exchanges; Crypto Calculator; Top Gainers and LoserHowever, the denials and disclaimers suggest that the reality was far more complex.

The Crypto Community's Response

The crypto community, already skeptical of OPNX due to its 3AC connection, reacted strongly to the funding controversy.Social media platforms buzzed with criticism and accusations.The perception of OPNX as a project built on shaky foundations was further reinforced.

Refusal to Associate

Some individuals and firms publicly stated that they would refuse to associate with anyone who helped fund OPNX. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyThis strong stance highlighted the deep-seated distrust and the desire to hold those responsible for the 3AC collapse accountable. 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group CoinTelegraph DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokens from the company s previous incarnation.The incident underscored the importance of reputation and ethical conduct in the crypto space.

The DeFi Angle: Nascent's Clarification

DeFi firm Nascent was also initially listed as a backer of OPNX. Trusted News Discovery Since 2025. Global Edition. Thursday, SeptemHowever, Nascent clarified that their involvement was limited to purchasing FLEX tokens from the company's previous iteration, CoinFLEX.They explicitly stated that they were not investors in OPNX itself. 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group Buy, Sell, Trade Bitcoin with Credit Card 100 Cryptocurrencies @ BEST rates from multiple sources, Wallet-to-Wallet, Non-Custodial!This clarification further highlighted the need for careful scrutiny of OPNX's claims and the importance of verifying information independently.

OPNX: A Business Model Built on Bankruptcies

One of the most unique, and arguably controversial, aspects of OPNX was its focus on bankruptcy claims.The exchange aimed to tokenize these claims, allowing users to trade them as collateral. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by theWhile potentially innovative, this model was inherently risky and tied to the unpredictable world of distressed assets. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture 3AC founders' OPNX exchange claims to be funded by AppWorks, SIG, MIAX GroupLet's explore how this model was planned to operate.

Tokenizing Bankruptcy Claims

The core concept was to convert bankruptcy claims into tradable tokens.This would allow creditors to potentially realize some value from their claims before the lengthy and uncertain bankruptcy process concludes. Bitcoin vs. Marx: Two Competing Geopolitical Domino Theories Marxism and Bitcoin have one thing in common, the idea that a radical change in the structure of society will happen iThe tokens could then be used as collateral for trading perpetual contracts on the OPNX exchange.

Perpetual Contracts and Crypto Trading

OPNX offered perpetual contracts, a type of derivative that allows traders to speculate on the price of an asset without actually owning it.These contracts, combined with the tokenized bankruptcy claims, created a complex and potentially high-risk trading environment.Notably, the exchange did not offer traditional lending services for crypto assets.

The Risks Involved

The OPNX model carried significant risks:

• Volatility of Bankruptcy Claims: The value of bankruptcy claims can fluctuate wildly depending on the progress of the bankruptcy proceedings and the perceived likelihood of recovery.
• Complexity: Understanding the intricacies of bankruptcy law and the valuation of claims requires specialized knowledge.
• Counterparty Risk: As with any derivative trading platform, there is a risk that counterparties will default on their obligations.

The End of OPNX: Less Than a Year After Launch

Despite its ambitious goals, OPNX failed to gain traction. 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX GroupThe combination of negative sentiment, funding controversies, and the inherent risks of its business model proved too much to overcome.In less than a year, OPNX announced that it would be shutting down.But what caused this failure?

Factors Contributing to the Closure

Several factors contributed to OPNX's demise:

• Lack of Trust: The association with Davies and Zhu made it difficult to gain the trust of the crypto community.
• Funding Difficulties: The funding controversy and the reluctance of major investors to associate with OPNX hampered its growth.
• Complex Business Model: The focus on bankruptcy claims and perpetual contracts was complex and appealed to a limited audience.
• Market Conditions: The broader crypto market downturn made it even more challenging for new exchanges to gain traction.

Lessons Learned

The OPNX saga offers several important lessons for the crypto industry:

1. Reputation Matters: Reputation is paramount in the crypto space. 3AC founders OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokens from the companyAssociations with past failures can be extremely damaging.
2. Transparency is Key: Open and honest communication is essential for building trust.
3. Due Diligence is Crucial: Investors must conduct thorough due diligence before committing capital to crypto projects.
4. Ethical Considerations are Important: The crypto community values ethical conduct and holds those who violate these principles accountable.

Looking Ahead: The Future of Crypto Exchanges

The failure of OPNX does not signal the end of innovation in the crypto exchange space.However, it serves as a cautionary tale about the importance of trust, transparency, and ethical conduct. Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volumeWhat can we expect from crypto exchanges of the future?

Focus on Compliance and Security

Future crypto exchanges will need to prioritize compliance with regulations and security measures. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing News CryptocurrencyThe increasing scrutiny from regulatory bodies around the world will require exchanges to adhere to strict standards. BTCUSD Bitcoin 3AC founders' OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group. DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokensEnhanced security protocols will be essential for protecting users' funds and data.

Emphasis on User Experience

User experience will be a key differentiator for successful exchanges. Altszn.com provides the latest news, resources and insights on Bitcoin, Ethereum, Solana, DeFi, Web3, NFTs and other cryptocurrency markets.Platforms that offer intuitive interfaces, educational resources, and excellent customer support will be better positioned to attract and retain users. 3AC Founders OPNX Exchange Claims to be Funded by AppWorks, SIG, MIAX GroupSimplicity and ease of use will be crucial for mainstream adoption.

Diversification of Services

Crypto exchanges will likely continue to diversify their service offerings. DeFi firm Nascent was also claimed as a backer, but it has clarified that it only bought FLEX tokens from the company s previous incarnation. OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by [ ]In addition to spot trading and derivatives, exchanges may offer lending, staking, and other financial services.This diversification can help attract a wider range of users and generate new revenue streams.

Conclusion: The OPNX Story and its Lasting Impact

The story of 3AC founders' OPNX exchange, claiming funding from AppWorks, SIG, and MIAX Group, is a stark reminder of the importance of reputation, transparency, and ethical conduct in the crypto industry. A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China OPNX (@OPNX_Official) Ap OPNX has been heavily criticized in the crypto community for its association with Su Zhu and Kyle Davies, founders of the bankrupt 3AC hedge fund.The controversy surrounding the funding claims, combined with the project's inherent challenges, ultimately led to its downfall. Launched by 3AC's co-founders Kyle Davies and Zhu Su, OPNX aims to tokenize users' claims to bankrupted crypto companies, allowing them to use bankruptcy claims as collateral to trade perpetuals. The exchange doesn't provide lending services for crypto assets.While OPNX's closure may seem like a minor setback in the grand scheme of the crypto world, it offers valuable insights into the factors that drive success and failure in this rapidly evolving landscape.Key takeaways include the criticality of building trust, the necessity of thorough due diligence, and the enduring power of reputation.The crypto space is constantly learning and evolving, and the lessons from the OPNX saga will undoubtedly shape the future of crypto exchanges.Moving forward, a focus on compliance, security, and user experience will be essential for building sustainable and trustworthy platforms.