Investors of the cryptocurrency exchange OPNX, which will be founded by the founders of the sunken cryptocurrency company Three Arrows Capital (3AC), have finally been announced.
OPNX announced that its investors include AppWorks, SIG, DRW VC, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent and Tuwaiq Limited. Previously, OPNX had completed a $25 million financing. Most of the funders are from the Chinese region.
Announced on the Investor List of Cryptocurrency Exchange OPNX, the Company Rejected the Allegation
However, an official statement has been released from Nascent, which is stated by OPNX, which is among the investors. Nascent officials denied participating in OPNX's funding round.
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
OPNX, on the other hand, stated in its statement that the investment in question was made through coinFLEX, not directly.
OPNX has sparked controversy for several reasons. One is that it was founded by Su Zhu and Kyle Davies, who are also co-founders of Three Arrows Capital (3AC), a crypto hedge fund that went bankrupt in 2022 after losing over $1 billion in a leveraged transaction.
Zhu and Davies reportedly evaded 3AC-related subpoenas while promoting their new venture. Another reason is that OPNX is seen as exploiting victims of crypto crises by offering them a way to sell their receivables at a discount or use them as collateral for risky trading.
Some critics have questioned the legality and security of OPNX's platform, as well as the validity of the claims it supports. The launch of OPNX was also met with technical problems and a sharp drop in the price of its native token FLEX.
*Not investment advice.