OPNX, the SanJian Exchange, self-exposes its investors as AppWorks and other institutions, but the claim is denied. OPNX responds: "Disgusted and disappointed."

The debt trading platform "OPNX," created by the bankrupt institution Three Arrows Capital, 3AC, and the restructuring company CoinFlex, has been facing continuous controversies since its launch. Recently, on the 21st, the OPNX official announced that investors in OPNX include Taiwan startup accelerator AppWorks, Susquehanna SIG, MIAX Group, China Merchants Bank, and trading company DRW, but this claim has been denied by several investment institutions. On the 23rd, OPNX made a further response expressing regret.

OPNX, a cryptocurrency exchange, exposes its investors; Taiwan's AppWorks among those named

On April 21st, OPNX exchange's marketing director, Leslie Lamb, named OPNX investors in an official video, with Taiwan's startup accelerator and venture capital firm, AppWorks, founded in 2009 by current Taiwan Mobile General Manager Jamie Lin, being the first one introduced.

OPNX stated that AppWorks was one of its earliest investors.

Getting to know the top 300 global venture capital firms: compiling the 2023 top 300 cryptocurrency venture capital firms list.

In addition, investors named by OPNX include Singapore trading company Susquehanna, trading company DRW, trading company MIAX Group, China Merchants Bank, Hong Kong fund Token Bay Capital, crypto venture capital firm Nascent, and Saudi Arabia crypto fund Tuwaiq Limited.

OPNX also announced the upcoming launch of its first debt trading platform - the Celsius debt platform. Currently, OPNX only offers spot and contract trading, with plans to trade FTX debt.

OPNX exchange faces backlash, AppWorks among those denying direct investment in OPNX

Some of the investors named by OPNX, including AppWorks, DRW, Nascent, MIAX, and Susquehanna, have come forward to deny OPNX's claims, stating that they did not invest in OPNX.

AppWorks stated: "AppWorks is an investor in CoinFlex, supporting the entrepreneur Mark Lamb and understanding his efforts to seek the best interests of all stakeholders. Our CoinFlex equity was transferred to OPNX, and AppWorks did not invest funds in OPNX. We have never met Su Zhu or Kyle Davies, and do not support their actions in the final stages of 3AC."

Nascent also responded, stating that they did not participate in OPNX's financing, but only invested in CoinFlex's FLEX token earlier in 2021. DRW and Susquehanna similarly denied the investment. MIAX Group mentioned that they neither invested in OPNX nor in the FLEX token.

According to The Block, none of the institutions named have admitted to directly investing in OPNX.

OPNX accuses investment partners: disgusting and disappointing

OPNX stated that the video initially explained that these investments were either direct investments in OPNX or equity agreements under CoinFlex's restructuring plan, with publicly available legal documents to prove it.

Leslie Lamb, OPNX's marketing director, responded on the night of the 22nd stating: this event highlights the misconduct of industry investors, which is a disappointing and common reality. Some investors actively seek maximum equity and claim to support our mission, but later try to publicly disassociate themselves from us, which is unsettling. Fortunately, everything is documented.

Lamb pointed out DRW, stating that they have been cooperating for ten years, referring to the cooperation with CoinFlex, and hoping to move forward. Creditors also hope that DRW can openly support the upcoming plans, not understanding why they cannot openly support their investment portfolio, all of which are documented in public legal documents.

She further mentioned Susquehanna SIG, as they understand that OPNX has acquired CoinFlex's technology, team, and tokens. If SIG is unwilling to openly support OPNX, other CoinFlex creditors would find it very unfair.

She also revealed that MIAX had continuously fought for equity during the CoinFlex restructuring negotiations but now denies it.

Leslie Lamb of OPNX believes that investors who fight for equity but refuse to support in any way make people feel disgusted and disappointed. She also hopes that all communication can be more transparent.

OPNX's dilemma: politically correct or commercially correct

When venture capital firm Three Arrows Capital and lending platform Celsius faced financial crisis in April last year, exchange CoinFlex also announced a withdrawal suspension until the CoinFlex company restructuring plan was approved by the Seychelles court in March 2023. The news of launching OPNX was in preparation in January 2023 and went live in early April, with a trading volume of only $1.26 on the first day.

According to CoinFlex's restructuring plan, these investment institutions should understand that their equity will be transferred to OPNX, with legal documents to support it; however, Three Arrows Capital's negative image may make these institutions hesitant, fearing the impact on their companies if they have ties with Three Arrows Capital.

Crypto celebrity foobar questioned why CoinFlex would support scammers like Three Arrows Capital using their reputation.

On the other hand, FatMan, who specializes in exposing Terra-related events, believes that CoinFlex is the one who is disgusting. Initially, they were selling a regulated derivatives exchange, CoinFlex, to investors, but now they have fled the US, partnered with Three Arrows Capital to sell these unknown tokens, deceiving investors, and now threatening them to follow along?

Regardless of which institution's tweets in this incident, there is low social interaction, indicating that neither OPNX nor CoinFlex seem to be of much interest to the crypto community.