OPNX, an exchange from 3AC founders Su Zhu and Kyle Davie for trading bankruptcy claims, had just $13.64 in volume in its first 24 hours; OPNX's FLEX drops 27%+
The Block :
The Block
Context & Ripple Effects
The launch is the endpoint of an arc that began in January, when Su Zhu and Kyle Davies circulated pitch decks hoping to raise $25M for an exchange then called GTX, built with two CoinFlex executives around the idea of trading claims on collapsed lenders. That thesis targets a real pool: FTX's estate still holds roughly $10B in user claims winding through bankruptcy court, and CoinFlex's FLEX token is now the exchange's native asset.
Day-one results undercut the pitch: $13.64 in traded volume and a FLEX drawdown of more than 27% suggest the market priced the founders' involvement — two names central to 3AC's collapse — as a liability rather than an asset.
First-order effects
CoinFlex-linked FLEX holders absorb an immediate mark-to-market loss as the token falls over 27%, tying their exposure directly to OPNX adoption rather than to any standalone CoinFlex business.
Su Zhu and Kyle Davies' fundraising position weakens: the $25M GTX raise sought in the pitch decks has produced an exchange whose opening tape shows essentially no third-party participation.
Second-order effects
FTX creditors weighing whether to sell their claims see no functioning alternative venue emerge from this launch, leaving the estate's court-managed distribution — and any reboot efforts by former clients — as the default path to recovery.
Any rival attempting institutionalized claims trading must now overcome both the liquidity cold-start problem and the reputational taint this launch attached to the niche itself.
Third-order effects
If the pattern holds, post-collapse crypto ventures led by founders from failed firms face a structural trust discount that no niche-market framing can offset, pushing credible claims-market development toward estates, courts, or unaffiliated operators instead.
The episode reinforces the liquidity network effect as the binding constraint on exchange launches: without incumbent traders on day one, even a differentiated product like bankruptcy-claims trading cannot bootstrap order flow.
The trend: Crypto exchange launches are being judged less on product novelty than on founder credibility and day-one liquidity, and OPNX shows both failing at once.
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.
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://…
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/...
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…
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/...
“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/.…