OPNX has announced a partnership with 3AC Ventures – a move that did not go down well with the crypto community.
A June 21 tweet detailed the purpose of the partnership is to develop the OPNX ecosystem, suggesting plans to expand beyond its current capacity – no further details were given.
“The partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.”
The co-founders of the OPNX exchange are Kyle Davies and Su Zhu of Three Arrows Capital (3AC) and CoinFLEX CEO Mark Lamb.
Following the alleged non-payment of an $84 million margin call debt at the hands of Roger Ver, CoinFLEX gained court approval for a restructuring deal in March – this involved rebranding the company to OPNX.
Similarly, 3AC filed for bankruptcy in July 2022, with court filings showing $3.5 billion owed to creditors. The hedge fund’s downfall came from high-risk trading strategies, resulting in unpayable margin calls following the Terra ecosystem implosio
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