OPNX to Donate Platform Proceeds to 3AC Lenders


Co-founder of failed hedge fund Three Arrows Capital (3AC) and founder of OPNX exchange Kyle Davis promised donate potential revenue from the new platform to lenders for “good karma”.

He described the proposed scheme as a “shadow recovery process” that is independent of official liquidation.

Davis stated that the initiative is “the first of its kind”. However, 3AC creditors will only receive funds if they “support” OPNX. According to him, some investors have already received payments.

“If there are those who do not want to do business with us, then they do not need it,” Davis added.

In response to a question about how the founder of the exchange could work on a new project while a bankrupt hedge fund is in the process of liquidation, he said that lenders would receive “exclusive benefits” from the new venture.

The plans of Davis and another co-founder of 3AC Su Zhu to raise $25 million to launch a cryptocurrency exchange with the active participation of representatives of the bankrupt CoinFLEX became known in January.

Later, Zhu announced the opening of a waiting list for admission to the platform. According to him, OPNX is a way to “redeem past mistakes.” Many community members met the project with skepticism and indignation.

In April, the crypto exchange team announced the official launch and announced the distribution of the FLEX token. Leslie Lamb, wife of former CoinFLEX CEO Mark Lamb, has taken over as CEO of OPNX.

Recall that the head of the trading platform criticized investors who deny involvement in the company.

In May, OPNX was reprimanded by the Dubai regulator for operating without a license.

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