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OPNX’s dispute with investors leads to a heated argument on Twitter

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OPNX and its CEO Leslie Lamb have issued strongly worded-statements against their supposed investors, accusing them of engaging in ugly tactics and denying association with the exchange despite having participated in its funding round.

OPNX’s dispute with investors leads to a heated argument on Twitter

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  • OPNX responded to their supposed investors’ decision to deny association with the crypto exchange.
  • More than half of the exchange’s investors have claimed that they never backed or funded it.

Su Zhu and Kyle Davies’ Open Exchange has become the subject of a controversy after engaging in a heated exchange of words with a group of venture capitals and trading firms, that the crypto platform claims were a part of its funding round. The supposed investors have denied participating in OPNX’s funding round or having any association with the platform at all. 

OPNX disappointed by investors’ ugly conduct

OPNX tweeted a list of investors on 21 April, claiming that they backed the crypto platform and were a part of its funding round. 

The list included Susquehanna (SIG), Nascent, AppWorks, DRW, MIAX Group, Merchant Bank International, Token Bay Capital, and Tuwaiq Limited.

In the following hours, more than half of the supposed investors stated that they never funded the crypto platform and denied any association with it. 

Investors clap back!

Nascent was the first one to respond to Open Exchange’s tweet. The company clarified that it did not participate in an OPNX fundraising round.

The venture capital Ford did, however, invest in FLEX tokens back in 2021. FLEX is the native token of CoinFlex, a crypto firm that launched OPNX in collaboration with Three Arrows Capital founders Su Zhu and Kyle Davies.

DRW Trading was the next one to deny affiliation with Open Exchange. “DRW is not an investor in OPNX nor are any of its affiliates investors in OPNX,” the trading firm stated in a tweet

Taiwan-based AppWorks took to Twitter on 22 April to clear the air around OPNX. According to the VC firm, they are backers of CoinFlex and not the new exchange founded by Zhu and Davies. Their equity in CoinFlex was “forcibly converted” to OPNX.

AppWorks further clarified that it has not committed any capital to OPNX. Susquehanna (SIG) also denied funding the exchange. The firm stated that it had no intentions of pledging capital in the future either. MIAX reportedly made a similar statement. 

The denial of multiple investors to acknowledge association led to a strongly worded statement from OPNX, where it accused the investors of engaging in “ugly” tactics by seeking “financial gain while simultaneously denying association due to fear of social media backlash.”

In another statement, OPNX CEO Leslie Lamb called out DRW, MIAX and SIG for their “disgusting and disappointing” conduct. 


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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