Top VCs Deny Investing In 3AC Founders’ OPNX Exchange, Who’s Saying The Truth?

The recently launched OPNX cryptocurrency exchange, which was founded by Su Zhu and Kyle Davies after the failure of their hedge fund Three Arrows Capital (3AC), publicly announced the names of their financial backers in an official tweet today. However, a number of them later refuted the claims and dissociated themselves from any form of involvement with the exchange.

VCs Deny Any Investments

DRW and Nascent, two of the many investors identified, have both denied claims that they were investors in OPNX, which was initiated by the owners of 3AC. Following the exchange’s announcement, DRW explicitly stated that there was no participation from the parent company or any of its subsidiaries.

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Nascent, on the other hand, provided a response to a question on OPNX’s ongoing Twitter thread  — claiming to have invested in FLEX tokens two years back rather than in OPNX.

Just to clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021.

— Nascent (@nascentxyz) April 21, 2023

Who’s Saying The Truth?

OPNX was formerly known as CoinFlex, a trading platform which is currently undergoing reorganization in Seychelles. In early 2023, Su Zhu and Kyle Davies collaborated with CoinFlex to establish their new crypto exchange that trades bankruptcy claims instead of cryptocurrencies. Now, since DRW and Nascent had previously been investors in CoinFlex, the 3AC duo claimed to have them as investors for their venture as well — which if technically examined isn’t the case.

OPNX earlier mentioned that some of its backers included investors like the high-frequency trading firm Susquehanna and the Taiwanese venture capital firm AppWorks. Apart from them, the firm mentioned a number of other investors in the thread including MIAX Group, Token Bay Capital and Tuwaiq, which is a digital asset fund based in Saudi Arabia.

In the wake of this news, CoinFlex’s FLEX token which serves as the native token of the OPNX platform, dropped by 17.09% in the past one hour and is currently trading at around $1.04 at the time of writing.

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