3AC founders’ OPNX exchange claims to be funded by AppWorks, SIG, MIAX Group

OPNX, an exchange jointly founded by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms purportedly backing it. An April 21 video posted by the company featured CEO Leslie Lamb thanking some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.

1/ As we approach the launch of claims for our first estate, Celsius, we’d like to express gratitude to everyone who believed in our mission of helping 20M+ claimants.

A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China pic.twitter.com/G406Y7Ponz

— OPNX (@OPNX_Official) April 21, 2023

OPNX has been heavily criticized in the crypto community for its association with Su Zhu and Kyle Davies, founders of the bankrupt 3AC hedge fund. Some firms have claimed they may refuse to associate with anyone who helps fund the new exchange. But the company behind the project has defended itself, arguing that it will help make customers of failed crypto ventures whole again.

OPNX will allow traders to buy and sell claims against bankrupt firms such as 3AC and FTX, according to early fundraising documents.

According to the video uploaded on April 21, the backers of OPNX have previously funded various tech and financial projects. Susquehanna (SIG) was one of the early backers of TikTok, and MIAX Group owns a U.S.-regulated equities and options exchange. AppWorks is also listed on Cunchbase as a partial owner of Uber.

At least one of the firms mentioned in the video has denied funding the project. DeFi trading firm Nascent has stated that it bought Coinflex tokens issued by the company’s previous incarnation, but did not participate in a funding round for OPNX.

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

Three Arrows Capital was a crypto hedge fund founded in 2012. In June, it was issued a notice of default by Voyager Digital after allegedly failing to pay 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) that had been loaned to it. The hedge fund filed for bankruptcy on July 1, and some creditors have accused the founders of being “on the run” or hiding from the bankruptcy court.