3AC founders open crypto exchange OPNX after bankrupting their first effort

Su Zhu and Kyle Davies’ crypto exchange OPNX is open for business. 

The firm announced to its community members Tuesday the venue’s launch as well as a giveaway of its native token FLEX as a “token of our appreciation.”

“Many of you may know that FLEX will power OPNX as the native ecosystem token. As a token of our appreciation, we have included eligible waitlisted users in our FLEX coin giveaway (i.e no action is needed from your side),” the note reads. 

FLEX appears to have a market capitalization of $256 million, but is thinly traded with just $796,000 in volumes changing hands over the last 24-hours, according to CoinMarketCap. 

OPNX is the brainchild of the sullied hedge fund investors behind now bankrupt Three Arrows Capital, which was among the most notable victims of crypto’s 2022 credit crisis. The former classmates teamed up with Coinflex CEO Mark Lamb to launch the venture via a rebranding of the erstwhile derivatives venue. The exchange intends to support trading in bankruptcy claims tied to failed exchanges, like Sam Bankman-Fried’s now bankrupt FTX. Lambs’ wife, Leslie Lamb, is the firm’s chief executive officer. 

Courts in Seychelles approved the firm’s restructuring plans on in March, after which Coinflex rebranded to OPNX. Coinflex’s original restructuring proposal included no mention of OPNX or plans to rebrand. 

According to the memo sent out Tuesday, OPNX is not available in a number of regions, including the U.S., Canada, and several African countries. 

Zhu told the Wall Street Journal in February that the Dubai-based venture raised about $25 million in funding for the new venture.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.