• 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 mission of OPNX is to help over 20 million claimants of money lost in bankrupt crypto businesses such as Celsius Network, FTX, BlockFi and 3AC.
• Following its recent launch on April 4th with the support of the aforementioned investors, OPNX now has significantly better prospects for success.
OPNX Receives Backing From Leading Investors
OPNX, a crypto bankruptcy claims exchange firm co-founded by Kyle Davies, has received backing from distinguished firms including Appworks, DRW, MIAX Group and Susquehanna International Group (SIG). OPNX tweeted the announcement with CEO Leslie Lamb expressing gratitude for everyone who has supported and believed in them. Many of these firms are from the greater China region.
OPNX went live on April 4th 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 which Zhu Su and Kyle Davies founded. Investors include institutions that have come in through CoinFLEx and direct OPNX investors who have contributed capital and feedback on OPNX’s products legal frameworks and their decision to move to Hong Kong.
The Fall Of 3AC
Zhu Su and Kyle Davies started Three Arrows Capital (3AC) in 2012. The Singapore-based hedge fund managed up to $18 billion in cryptocurrency assets at the height of its success but this did not last long as it filed for bankruptcy following a court ruling for the company’s assets to be liquidated. This was traced back to when LUNA collapsed along with its stablecoin project Terra USD (UST) which resulted in 3AC holding more than $500 million worth of LUNA at its peak before filing for bankruptcy in July 2022.
OPNX On The Rise
Despite an initial slow start for the platform which experienced limited trading activity since it launched initially , OPNx now has significantly better prospects with backing from many high profile investors . This comes only shortly after their launch on April 4th .
With all this support , OPNx looks set to become one of the most successful platforms that helps millions reclaim money lost due to bankruptcies within the cryptocurrency sector .