DRW, Nascent, MIAX and Susquehanna all deny investment in 3AC's OPNX

Quick Take

  • DRW denied claims it had invested in OPNX, the 3AC founders’ latest venture. 
  • Nascent later denied having invested in the firm.
  • MIAX denied investing and said it has not purchased any FLEX tokens. Susquehanna later joined the list of denials.

DRW and Nascent denied being an investor in OPNX after the exchange said on Twitter it invested alongside others.

The crypto exchange founded by Su Zhu and Kyle Davies following the collapse of their hedge fund Three Arrows Capital (3AC) revealed a list of investors today, but multiple investors have now denied any involvement.  

“DRW is not an investor in OPNX, nor are any of its affiliates investors in OPNX," a spokesperson for the firm told The Block via email. 

"Just to clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021," the firm said in response to OPNX's tweet thread. MIAX later confirmed to The Block that it wasn't an investor and added it hadn't purchased any FLEX.

“We are aware of Coinflex’s proposed transaction with OPNX. We did not vote for or otherwise approve this proposed transaction. We have not provided any funding to OPNX and have no intentions to do so," a Susquehanna spokesperson told The Block.

The firm's list were initially questioned by BlockTower CIO Ari Paul.


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OPNX had shared in a tweet thread that its backers included firms like Taiwanese venture capital firm AppWorks and high-frequency trading firm Susquehanna. Other investors named in the thread include MIAX Group, a U.S. equity options exchange; the Hong Kong unit of China Merchant Bank; Token Bay Capital, a Hong Kong investment fund; the VC firm Nascent; and Tuwaiq, a Saudi Arabian digital asset fund.

Token Bay was contacted to verify involvement in the firm's funding round but hadn't responded by press time.

When reached for comment, OPNX CEO Leslie Lamb shared a statement posted to the exchange's official Twitter account:

"We believe in full disclosure of our institutional backers and key strategic partners. It's ugly for firms to seek financial gain while simultaneously denying association due to fear of social media backlash, the firm said. "Should any party waver in their dedication to transparency and industry advancement, we express our disappointment at their misrepresenta