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A number of alleged investors in Open Exchange (OPNX) have been slammed by the CEO of the crypto claims trading platform after publicly distancing themselves from the project after being named as a backer.
On April 22, OPNX CEO Leslie Lamb tweeted that the company’s actions were filled with “disgust” and “disappointment”, adding, “I want all the upside with little to no risk. ‘ said.
“I’m here to remind everyone that that’s not how entrepreneurship works, if that’s not already clear,” Lam added.
I only got four hours of sleep to deal with the nonsense that resulted from transparent communication.
Investors want all the upside with little or no risk. But I’m here to remind everyone that that’s not how entrepreneurship works.
— Leslie Lamb (@therealleslamb0) April 22, 2023
OPNX is a bankruptcy debtor company founded by Kyle Davies and Su Zhu, founders of Three Arrows Capital (3AC), a bankrupt cryptocurrency hedge fund.
The drama first started on April 21 when OPNX tweeted a video of Lam thanking its many “major investors” for their support.
The list of investors nominated by OPNX includes AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital Nascent and Tuwaiq Limited.
1/ As we near the start of claiming our first estate, Celsius, we want to thank everyone for believing in our mission to help over 20 million claimants.
Special thanks to key investors such as AppWorks, Susquehanna (SIG), DRW, MIAX Group and China pic.twitter.com/G406Y7Ponz
—OPNX (@OPNX_Official) April 21, 2023
Nearly half of the backers listed claim to have never chosen to fund OPNX and deny any affiliation with the company.
The first company to publicly deny support was decentralized finance (DeFi) trading firm Nascent, which purchased the Coinflex (FLEX) token originally issued by the company’s previous statement, but has since closed OPNX’s funding round. claimed to have not attended.
For clarity, Nascent did not participate in OPNX’s funding round and invested in FLEX tokens in early 2021.
— Shinsei (@nascentxyz) April 21, 2023
Appworks, a Taiwan-based venture capital firm, took to Twitter on April 22 to further clarify its investment position, saying that the company’s funds had been “forced to be diverted” from its initial CoinFLEX holdings. , said “doesn’t support what”. [Davies and Zu] I did it on the last day of 3AC.
We are CoinFlex proponents and supported Mark to rebuild it for his stakeholders. Our shares have been compulsorily converted into his OPNX and have not committed capital to the new entity. Never met Su Zhu or Kyle Davies and doesn’t support what they did in the last days of 3AC
—AppWorks (@AppWorks) April 22, 2023
Additionally, capital markets firm DRW Trading chose not to cut back on its words in distancing itself from the exchange, tweeting candidly that it was “not an investor in OPNX.”
DRW is not an investor in OPNX and none of its affiliates are investors in OPNX.
—DRW (@DRWTrading) April 21, 2023
According to TradingView, OPNX’s main token, FLEX, has plunged more than 21% since the first public altercation took place on Twitter. data.
Cointelegraph reached out to Susquehanna (SIG), MIAX Group, and China Merchant for clarification on their investment in OPNX, but did not immediately receive a response.
Related: OPNX jokes about dismal early trading volume after reporting 90,000% surge
According to OPNX’s pitch deck, which was first distributed in January, the platform will allow investors to buy and sell bonds from bankrupt crypto companies like 3AC and FTX.
Unlike other bond market companies, OPNX insists on allowing customers to use their bonds as collateral for their transactions. Additionally, the company said it could help “fill the power vacuum left by FTX” and help it expand into other more regulated markets such as stocks and equities.
In June 2022, 3AC received a notice of default from cryptocurrency exchange Voyager Digital after failing to pay a loan of 15,250 Bitcoin (BTC) and $350 million USD Coin (USDC).
3AC then filed for bankruptcy on July 1, becoming the subject of criticism from the wider crypto industry. Many of its creditors accuse the founder of fleeing legal action.
Many Cryptocurrency Companies Go Public said Refuse to associate with anyone who supports OPNX. Nonetheless, CoinFLEX, the main company behind the OPNX project, has defended itself by claiming it will help the failing crypto venture to “perfectly win back” customers.
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