OPNX backed by Appworks, MIAX Group, SIG, among others

OPNX, a crypto bankruptcy claims exchange firm co-founded 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 and especially thanking the firms that have agreed to back them. Many of which are from the greater China region.

Investors include institutions that have come in through CoinFLEX and direct OPNX investors. The backers have contributed capital and feedback on OPNX’s products, legal frameworks, and the decision to move to Hong Kong. 

OPNX launch

This comes only briefly 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, which Zhu Su and Kyle Davies founded.

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.

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. 

This culminated in 3AC filing for bankruptcy in July 2022 following a court ruling for the company’s assets to be liquidated.

OPNX on the rise 

Despite an initial slow start for the platform, which has experienced relatively limited trading activity since its launch, OPNX now has significantly better prospects with backing from many high-profile investors.