The community’s response to the launch of the OPNX exchange project earlier this week was negative.
There’s new information concerning the funds used for developing OPNX; the founders of bankrupt hedge fund Three Arrows Capital (3AC) are behind it.
- Arthur Hayes from BitMEX reported that the founders, Zhu Su and Kyle Davies, received a large amount of money from Bahrain’s sovereign wealth fund, traded via Tai Ping Shan, but he claims that he hasn’t received his money from them.
- This isn’t the first time that Hayes has expressed his frustration over the project; he indicated in February that the bull market began around the time of the 3AC’s founders raising money for the project.
- In addition to Davies and Zhu, OPNX was co-founded by executives from troubled exchange CoinFLEX.
- The founders had aimed to raise $25 million of seed funding to target claims against bankrupt firms such as FTX, Celsius, and Voyager. Venture capitalist Michael Arrington called the fundraising event “the saddest bullshit” he’s heard in a long time.
- Since the launch, many community members have ridiculed OPNX’s liquidity, and its official Twitter handle has been suspended. It’s unknown why it was suspended, but it’s likely due to an influx of angry crypto users reporting “platform manipulation and spam” to Twitter Support.