OPNX, a crypto bankruptcy claims exchange co-founded by Kyle Davis, has received backing from distinguished companies, including Appworks, DRW, MIAX Group, and Susquehanna International Group (SIG).
OPNX He tweeted the announcement along with the CEO, Leslie Lamb, expressing his gratitude to everyone who supported and believed in them and especially the companies that agreed to support them. Many of them are from the Greater China region.
Investors include institutions that entered through CoinFLEX and direct OPNX investors. Backers contributed capital and feedback on OPNX’s products, legal frameworks, and the decision to move to Hong Kong.
Launch OPNX
This comes just shortly after OPNX went live on April 4, after it was created in partnership with CoinFlex earlier in February.
Its mission is to help over 20 million claimants for lost money in bankrupt crypto businesses like Celsius Network, FTX, BlockFi and 3AC, founded by Zhu Su and Kyle Davies.
3AC fall
Zhu Su and Kyle Davies started Three Arrows Capital (3AC) in 2012. The Singapore-based hedge fund managed up to $18 billion in cryptocurrency assets at the height of its success.
(embed) https://www.youtube.com/watch?v=Gu5BsntvVro (/embed)
The downfall of 3AC is widely attributed to the collapse of LUNA and its stable project, Terra USD (UST). 3AC owned over $500 million in LUNA at its peak.
This culminated in 3AC filing for bankruptcy in July 2022 following a court ruling to liquidate the company’s assets.
OPNX is on the rise
Despite the platform’s slow start, which has seen relatively little business since its launch, OPNX now has much better prospects with the support of several high-profile investors.