DRW, Nascent Deny Investing in OPNX, Distancing From 3AC Founders' Bankruptcy Claims Exchange

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Nick Baker

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.

Crypto venture-capital and trading firm DRW and VC firm Nascent denied they are investors in OPNX, the bankruptcy claims exchange founded by the same people who started failed crypto hedge fund Three Arrow Capital (3AC).

Earlier Friday, OPNX included DRW and Nascent in a list of its "major investors."

"DRW is not an investor in OPNX nor are any of its affiliates investors in OPNX," a company spokesman told CoinDesk.

"Just to clarify, Nascent did not participate in an OPNX fundraising round, we invested in FLEX tokens in early 2021," Nascent tweeted.

OPNX was previously known as CoinFlex, a crypto exchange that's currently restructuring in the Seychelles. In recent months 3AC founders Su Zhu and Kyle Davies partnered with CoinFlex to get this new bankruptcy exchange going. DRW and Nascent had been investors in CoinFlex.

CoinFlex's FLEX token serves as the native token of the OPNX platform.

Read more: Susquehanna, DRW Are Among Backers of Bankruptcy Claims Exchange OPNX, the Firm Tweets

UPDATE (April 21, 2023, 17:49 UTC): Updates to add Nascent's denial.

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Edited by Aoyon Ashraf.

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