3AC founders open crypto exchange OPNX after bankrupting their first effort

Quick Take

  • Su Zhu and Kyle Davies’ new crypto trading venue OPNX is open for business. 
  • The new venture is also doing a token giveaway of its native token FLEX.

Su Zhu and Kyle Davies' crypto exchange OPNX is open for business. 

The firm announced to its community members Tuesday the venue's launch as well as a giveaway of its native token FLEX as a "token of our appreciation."

"Many of you may know that FLEX will power OPNX as the native ecosystem token. As a token of our appreciation, we have included eligible waitlisted users in our FLEX coin giveaway (i.e no action is needed from your side)," the note reads. 

FLEX appears to have a market capitalization of $256 million, but is thinly traded with just $796,000 in volumes changing hands over the last 24-hours, according to CoinMarketCap

OPNX is the brainchild of the sullied hedge fund investors behind now bankrupt Three Arrows Capital, which was among the most notable victims of crypto's 2022 credit crisis. The former classmates teamed up with Coinflex CEO Mark Lamb to launch the venture via a rebranding of the erstwhile derivatives venue. The exchange intends to support trading in bankruptcy claims tied to failed exchanges, like Sam Bankman-Fried's now bankrupt FTX. Lambs' wife, Leslie Lamb, is the firm's chief executive officer. 


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Courts in Seychelles approved the firm's restructuring plans on in March, after which Coinflex rebranded to OPNX. Coinflex's original restructuring proposal included no mention of OPNX or plans to rebrand. 

According to the memo sent out Tuesday, OPNX is not available in a number of regions, including the U.S., Canada, and several African countries. 

Zhu told the Wall Street Journal in February that the Dubai-based venture raised about $25 million in funding for the new venture.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].