- OPNX has criticized its investors for denying participation in its funding round.
- The exchange’s supposed investors have denied any association with the platform.
- OPNX’s primary token FLEX has tanked more than 18% amid the controversy with the investors.
Open Exchange (OPNX), the crypto exchange launched by the disgraced founders of Three Arrows Capital (3AC), is in the middle of a controversial standoff with its supposed investors. Su Zhu and Kyle Davies’ OPNX has openly criticized its supposed investors for stating that they never backed the crypto platform and denying association with it.
The controversy started when OPNX shared a list of its supposed investors last night. The list included venture capitals and trading firms including AppWorks, Susquehanna (SIG), DRW, MIAX Group, Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited. Since then, almost half of the listed investors have claimed that they never funded OPNX and denied association with the exchange.
We are backers of CoinFlex and were supportive of Mark to rebuild for stakeholders. Our equity is being forcibly converted to OPNX and we have not committed capital to the new entity. We never met Su Zhu or Kyle Davies and do not support what they did during the last days of 3AC— AppWorks (@AppWorks) April 22, 2023
AppWorks took to Twitter earlier today and revealed that it was a backer of CoinFlex, a crypto platform that launched Open Exchange with 3AC’s Zhu and Davies. According to AppWorks, its equity in CoinFlex was “forcibly” converted to OPNX. The firm made it clear that it had not committed any capital to OPNX and that it did not support the actions of Zhu and Davies.
Other investors on OPNX’s list publicly announced that contrary to what the crypto platform had claimed, they hadn’t participated in its funding round or backed it in any other form. Nascent was the first to clarify that it had not pledged any funds to Open Exchange. This was followed by a tweet from DRW Trading stating that it wasn’t an investor in OPNX.
The public humiliation of several of its supposed investors denying association led to a rather controversial statement from OPNX, wherein it accused the investors of engaging in “ugly” tactics to seek financial gain while simultaneously denying association due to fear of social media backlash.
I’ve gotten all but 4 hours of sleep dealing with the nonsense that has ensued from transparent communications, so I’ll get straight to it. Investors want all the upside with little to no risk. But I’m here to remind everyone that’s not how entrepreneurship works, if it isn’t…— Leslie Lamb (@therealleslamb0) April 22, 2023
OPNX CEO Leslie Lamb took to Twitter earlier today and described the investors’ conduct as “disgusting and disappointing.”. “Investors want all the upside with little to no risk. But I’m here to remind everyone that’s not how entrepreneurship works, if it isn’t already clear,” the CEO tweeted. The controversy has led to a decline of over 18% in OPNX’s primary token FLEX.
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