Wednesday, December 6, 2023

OPNX’s Supposed Buyers Declare They Didn’t Fund The Crypto Alternate

  • Open Alternate not too long ago printed a listing of traders that supposedly participated of their funding spherical. 
  • Many of the listed traders have acknowledged that they didn’t take part in OPNX’s funding spherical. 
  • The crypto platform has criticized the involved traders and accused them of misrepresenting their involvement.
  • The alternate’s major token $FLEX has misplaced greater than 23% of its worth following the controversy. 

Open Alternate (OPNX), based by notorious crypto personalities Su Zhu and Kyle Davies, has run into bother with a gaggle of traders that the crypto platform claims have been part of its funding spherical. The traders have denied funding the alternate, resulting in a controversial alternate of statements between the events concerned. Open Alternate was launched in February this 12 months by Zhu and Davies, the boys behind the defunct crypto hedge fund Three Arrows Capital (3AC). 

OPNX Criticizes Buyers For Denying Affiliation, Calls It An Ugly Transfer

OPNX took to Twitter earlier at present to disclose the traders who had backed the crypto alternate. The record of supposed traders included AppWorks, Susquehanna (SIG), DRW, MIAX Group, Service provider Financial institution Worldwide, Token Bay Capital, Nascent, and Tuwaiq Restricted. Open Alternate’s CEO Leslie Lamb could possibly be seen thanking the traders for backing the alternate. Based on the Twitter thread, the traders not solely contributed capital but additionally supplied suggestions on product choices, tokenomics, authorized framework, and so on. 

Of the traders that OPNX claimed participated in its funding spherical, nearly half have denied giving any funds to the crypto alternate. Enterprise Capital agency Nascent responded to Open Alternate’s tweet and clarified that it didn’t take part within the platform’s fundraising spherical. A spokesperson for DRW informed CoinDesk in an announcement, “DRW is just not an investor in OPNX nor are any of its associates traders in OPNX.” This was adopted by an identical assertion from Susquehanna (SIG) which learn, “We’ve not supplied any funding to OPNX and don’t have any intentions to take action.”

OPNX responded to the denials from its supposed traders by accusing them of in search of income whereas concurrently denying affiliation with the alternate because of worry of backlash on social media. 

We imagine in full disclosure of our institutional backers and key strategic companions. Ought to any get together waver of their dedication to transparency and business development, we specific our disappointment at their misrepresentation and like to not have them as traders in future.”

Open Alternate’s response to traders

The controversy surrounding Open Alternate and its traders has led to a big decline within the value of $FLEX, the native token of CoinFlex that will even function the first token of Su Zhu’s crypto enterprise. FLEX’s value sank greater than 23% shortly after the traders denied affiliation with OPNX. The token is at the moment buying and selling at $1.06.

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