OPNX, an exchange for trading bankruptcy claims from 3AC founders Su Zhu and Kyle Davie, had just $13.64 in volume in its first 24 hours; OPNX's FLEX drops 27%+
- OPNX did not start off with a bang. — The exchange's token, FLEX, is down 27%, trading at $1.95.
The Block
Context & Ripple Effects
OPNX began life as GTX, the pitch-deck plan by Three Arrows Capital founders Su Zhu and Kyle Davies to raise $25M for a new exchange, later repositioned around trading bankruptcy claims. The venture also absorbed DNA from CoinFlex, whose executives joined the project after the exchange froze withdrawals during its own Recovery Value USD repayment scheme.
The debut numbers matter because the entire premise depends on a claims marketplace forming around distressed assets like FTX's — a pool CoinDesk sized at $10B of user claims still sitting in bankruptcy court nearly a year into the estate's wind-down.
First-order effects
Traders and prospective claim-sellers see a venue with effectively no liquidity at launch — $13.64 in first-day volume gives no one a reason to place an order first.
FLEX holders absorb an immediate mark-to-market loss of over 27%, with the token repricing to $1.95 on the exchange's opening failure.
Second-order effects
The liquidity network effect works against OPNX specifically: market makers route flow where counterparties already exist, so a founder track record spanning 3AC's collapse and CoinFlex's withdrawal freeze makes seeding two-sided volume harder than for a neutral entrant.
If OPNX can't bootstrap claims trading, FTX creditor claims continue changing hands through existing broker channels rather than a listed exchange, capping the addressable market OPNX pitched to investors.
Third-order effects
A pattern of failed crypto founders relaunching into adjacent businesses faces a market test here: if reputation-gated liquidity keeps rejecting them, distressed-asset venues will consolidate around operators without balance-sheet baggage, and 'quasi-exit' comebacks will price as toxic rather than opportunistic.
Should claims trading migrate to exchanges at all, bankruptcy courts and creditors' committees become de facto gatekeepers of which venues are acceptable counterparties — a regulatory touchpoint no pitch deck controls.
The trend: Post-collapse crypto founders are discovering that exchange liquidity follows accumulated trust rather than listing breadth, and their comeback vehicles are being priced accordingly.
After seeing the issues of Alameda/FTX, @OPNX_Official seems adamant to carve a different path together 1) no internal MM of any kind 2) no external MM with special privileges 3) all MM deals public and available for anyone to apply, details soon Liquidity built brick by brick ht…
Hey @OKnightCrypto After the FTX fallout, we've thought about this deeply and re-evaluated what building up liquidity should look like. This means not relying on internal MMs & not giving preference to external MMs. This is why we launched with minimal liquidity (cont.)👇 https://…
A little birdie told me @zhusu & @KyleLDavies raised big money from Bahrain SWF. They are trading via Tai Ping Shan. Be Warned. I want my fucking money.
OPNX exchange for trading claims in bankrupt crypto companies, founded by sketchy crypto bros from 3AC and CoinFLEX, now open for trading unregistered securities and derivatives. (They're running it from their hideout in Dubai.) This should be fine https://www.coindesk.com/...
The first claims token listing on @OPNX_Official will be rvUSD This represents the personal debt owed by Roger Ver to Coinflex customers, who will shortly be credited rvUSD tokens on OPNX More details soon https://twitter.com/...
I laughed out loud at this. After giving Roger Ver unsecured credit using customer funds, the OPNX co-founder is now begging for his money back on Twitter He plans to sell Roger's debt as a token, and he's offering Roger free trading on his illiquid bucket shop. What a bargain! h…
“Stumbles” doesn't even begin to describe their abysmal start. It's kind of hard to imagine people wanting to do business with these folks considering their part in the over-leveraged crypto bust. Bankruptcy Claims Exchange OPNX Stumbles Out of the Gate https://www.coindesk.com/.…
An open letter so everyone can see, instead of a private one.. calling it an “olive branch” yet can be summed up by “Give me $84m and provide liquidity for my AMM”. In what world is that a peace offering? https://twitter.com/...
The giga brain play here for Roger Ver is to publicly intimate that he is bankrupt / has no intention to repay the debt while sweeping the claims against him for cents on the dollar. https://twitter.com/...