Crypto exchange backed by 3AC founders launches with claims trading plans

Su Zhu and Kyle Davies, founders of the collapsed hedge fund Three Arrows Capital (3AC), have announced the launch of the crypto project Open Exchange, or OPNX.

Both Zhu and Davies retweeted the April 4 launch announcement from OPNX chief executive officer Leslie Lamb, who said the exchange was open to “trade spot and futures immediately.” According to the CEO, the launch of the exchange was aimed at wanting to “help the industry” amid the collapse of platforms including FTX and Celsius.

“Claims trading will be the next thing that we launch, so that these claimants can have an opportunity to be made whole again,” said Lamb.

— OPNX (@OPNX_Official) April 4, 2023

The exchange, a brainchild of the 3AC co-founders as well as higher-ups from crypto investment platform Coinflex — currently subject to a restructuring plan approved in Seychelles — launched its website in February. Three Arrows Capital, the crypto-friendly hedge fund that once held $10 billion worth of assets, went bust amid the 2022 market crash.

Related: 3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange

Following the collapse of 3AC, Coinflex CEO Mark Lamb and co-founder Sudhu Arumugam later said they would be working with Zhu and Davies to build a new platform, reportedly originally pitched as ‘GTX’ before settling on OPNX. Authorities in the United States have also issued a subpoena to Davies via Twitter regarding his alleged role in 3AC’s collapse.

At the time of publication, both Davies’ and Zhu’s whereabouts were unknown. However, both 3AC co-founders have continued to be active on social media channels.

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