CryptocurrencyNews

Major Crypto Operators Dismiss Ties with OPNX Exchange, Disappointing 3AC Founders

Crypto firms included in the list of investors supporting OPNX are distancing themselves from the bankruptcy claims exchange purportedly established by Three Arrows Capital (3AC).

The firms denying links to the claims exchange are decrying the inclusion in the major investors’ list revealed in the OPNX’s Friday tweet.

The first excluding themselves include Nascent, DRW and Susquehanna International Group (SIG). The firms are dissociating themselves from the failed crypto hedge fund (3AC). The firms are denying the revelation that they financially backed OPNX. 

Nascent Lead DRW and SIG to Deny Funding OPNX

Hours after OPNX published the list of financial backers, Venture Capital Nascent echoed the denial by DRW and SIG being major investors. In particular, DRW neither invested in the bankruptcy claims exchange nor has any of the affiliates allocated resources towards OPNX.

OPNX journey shows changing CoinFlex – an exchange platform for cryptos that recently confirmed starting the restructuring process in Seychelles. Recently, 3AC founders Kyle Davies and Su Zhu conveyed a statement to confirm partnering with CoinFlex. The exchange platform runs FLEX as its native token to sustain the new platform. DRW and Nascent confirmed being investors within CoinFlex.  

OPNX founders portrayed the platform as an exchange that would allow investors in acquiring and disposing of claims held against bankrupt crypto firms. The investors would trade the claims of FTX and 3AC. Different from other market firms, OPNX promised to facilitate clients in leveraging the claims as collateral to trade.  

Nascent responded with a denial tweet ruling out its participation in the OPNX fundraising round. The venture capital clarified that it only undertook in investing in acquiring FLEX tokens at the onset of 2021. 

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SIG distanced itself from funding OPNX and ruled out harboring intentions of offering financial support to the exchange platform in future.

Firms Distancing From OPNX Labeled Dishonest

The denials portrayed by the firms are considered by OPNX as a dishonest conversation. OPNX’s subsequent tweet reprimanded the firms for pursuing financial gain while continually denying links to the platform. OPNX alleged that firms would misrepresent facts to avoid suffering social media backlash. 

OPNX tore to the denial pronouncements made by SIG, DRW and Nascent arguing that any party wavering their dedication to exercise transparency and facilitating industry advancement. OPNX regretted the misrepresentation portrayed by the firms and locked them out from subsequent investment in future. 

The decision by the three firms to dismiss their inclusion within the major investors backing up OPNX is prompted by the need to avoid reputation damage. No investor seeks to be associated with the Three Arrows Capital hedge fund that facilitated the loss of billion-dollar wealth following its collapse in 2022. 

The firms are distancing themselves from Zhu and Davies blamed for triggering a contagious meltdown in 2022. The co-founders unveiled OPNX at the onset of 2023 as the ideal investment to facilitate claims exchange.

Flex Coin Market Outlook

The public spat initiated by firms distancing themselves from the OPNX is eroding the FLEX Coin price level. With its price hovering around $1.04, FLEX is 86.2% below its all-time high of $7.56 realized on December 22 2021.

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Nonetheless, FLEX coin is 220569% above the all-time low of $0.00047299 attained on August 4 2020. The decline in exchange level is eroding the overall FLEX capitalization. At press time 15:25 UTC, FLEX is valued at $102.755 million from 99 million circulating tokens according to CoinGecko data. A review of the emission schedules shows that FLEX tokens would take multiple years before realizing their fully diluted valuation. 

A comparative analysis of FLEX Coin shows the price is 42% down in the past week, thereby underperforming the global crypto which is 7.7% down. Nonetheless, FLEX coin underperformance is evident since other Ethereum-based cryptos are 12.7% up.  


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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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