3AC Founders Launch OPNX Crypto Initiative

In February, the website for the exchange was created by the co-founders of 3AC as well as officials from Coinflex.

Su Zhu and Kyle Davies, founders of the defunct hedge fund Three Arrows Capital (3AC), have announced the launch of the Open Exchange (OPNX) cryptocurrency initiative.

Both Zhu and Davies retweeted the April 4 opening statement from OPNX CEO Leslie Lamb, who said that the exchange was instantly available for spot and futures trading.

The CEO said that the establishment of the exchange was motivated by a desire to “assist the industry” in the wake of the failure of platforms such as FTX and Celsius.

“The next thing we will do is do claims trading so that these claimants will have a chance to be made whole again,” added Lamb.

Regulatory Scrutiny: Implications for 3AC

The website for the exchange, which was created in February, was the idea of the co-founders of 3AC as well as executives from the crypto investment platform Coinflex, which is presently subject to a reorganisation plan authorised in the Seychelles. Three Arrows Capital, a crypto-friendly hedge fund that formerly managed $10 billion in assets, failed after the market crisis of 2022.

Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam subsequently said that they will be collaborating with Zhu and Davies to develop a new platform, which was first proposed as “GTX” before settling on “OPNX.” United States authorities have also filed a subpoena against Davies through Twitter for his suspected participation in the collapse of 3AC.

At the time of publishing, neither Davies nor Zhu could be located. Yet, both co-founders of 3AC have remained active on social media networks.