- OPNX, a crypto bankruptcy claims exchange firm co-founded by Kyle Davies, has received backing from Appworks, DRW, MIAX Group and Susquehanna International Group (SIG).
- The backers have contributed capital and feedback on OPNX’s products, legal frameworks, and the decision to move to Hong Kong.
- The fall of 3AC is widely traced back to the collapse of LUNA and its stablecoin project, Terra USD (UST). 3AC held more than $500 million of LUNA at its peak.
Background Information
OPNX is a crypto bankruptcy claims exchange firm co-founded by Kyle Davies. It has recently received backing from distinguished firms including Appworks, DRW, MIAX Group and Susquehanna International Group (SIG). This comes shortly after OPNX went live on April 4 following its creation in partnership with CoinFLEX earlier in February. Its mission is to help over 20 million claimants of money lost in bankrupt crypto businesses such as Celsius Network, FTX, BlockFi and 3AC.
The Fall of 3AC
Three Arrows Capital (3AC) was founded by Zhu Su and Kyle Davies in 2012. The Singapore-based hedge fund managed up to $18 billion in cryptocurrency assets at the height of its success. However, it filed for bankruptcy in July 2022 due to the collapse of LUNA and its stablecoin project – Terra USD (UST). At its peak 3AC held more than $500 million worth of LUNA tokens.
Investors Backing OPNX
OPNX tweeted an announcement about their recent investors providing capital and feedback on their products as well as legal frameworks for their decision to move operations to Hong Kong. Investors include institutions that have come through CoinFLEX or were direct OPNX investors.
Slow Start Despite Support
Despite receiving support from high-profile investors since its launch on April 4th 2021 , OPNX experienced limited trading activity since then . However , better prospects are now expected with the backing received .
