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3AC Founders' Platform Says It Raised Funds From Top VCs, Some of Them Denied Investing in OPNX

Sat, 04/22/2023 - 15:44
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Vladislav Sopov
OPNX, novel cryptocurrency exchange founded by Su Zhu and Kyle Davies of collapsed asset manager Three Arrows Capital, found itself in hot water
3AC Founders' Platform Says It Raised Funds From Top VCs, Some of Them Denied Investing in OPNX
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OPNX, an upcoming cryptocurrency exchange by the directors of Three Arrows Capital (3AC) fund, shared the details of its fundraising program. Some of its alleged participants immediately denied the fact of working with OPNX. However, the platform's CEO made things clear.

OPNX investors distanced themselves from service

According to an official statement shared by the team of OPNX yesterday, on April 21, 2023, its development is backed by a clutch of high-reputed VCs, including the likes of AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited and so on.

Susquehanna International Group is well known as the largest investor in TikTok, global short videos platform. Other VCs are also known as top-tier investing moguls in tech and crypto segments.

However, one after another, the participants of the list started to deny their participation in the rounds. For instance, Nascent stated that it only bought FLEX tokens of the CoinFlex platform (acquired by OPNX in March 2023) back in early 2021.

Chicago-headquartered DRW Trading went even further and released a statement that denies all sorts of working with OPNX and its affiliates:

DRW is not an investor in OPNX nor are any of its affiliates investors in OPNX

After these statements, the FLEX token lost 20% in no time: the OPNX-associated asset plummeted from $1.3 to $1.04.

"Disgusting and disappointing": CEO addresses investors' statements

Today, on April 22, 2023, OPNX CEO Leslie Lamb decided to make things clear and addressed the announcements from alleged investors that stole all the headlines in the last 24 hours.

She accused the aforementioned VCs in hypocrisy and unwillingness to take risks associated with profits:

Investors want all the upside with little to no risk. But I'm here to remind everyone that's not how entrepreneurship works, if it isn't already clear

Then, she shared some details about the collaboration with asset managers. According to her thread, DRW Trading worked with CoinFLEX for a decade, while MIAX Exchange Group together with its co-investors "fought relentlessly to receive equity during the CoinFLEX restructuring."

As such, Lamb stated that all further conversation on the subject will be organized in a transparent manner.

OPNX is a platform launched by key figureheads of Three Arrows Capital, a fund that collapsed one year ago.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)