Open Exchange (OPNX), a crypto exchange launched by the disgraced founders of Three Arrows Capital (3AC), has recently been involved in a public dispute with its allegedly own investors. Earlier this week, OPNX released a list of supposedly investor firms and venture capitals, but it was soon followed by denial of association by almost half of the entities from the list.

AppWorks, one of the denied investors, revealed that their equity in CoinFlex, the crypto platform which merged with 3AC to launch OPNX, were forcefully converted to the new exchange. Nascent and DRW Trading were two of the other entities to deny involvement in OPNX. The public humiliation has led to a statement from the exchange, which accused the investors of being unwilling to take risks in favour of only benefitting the upside.

OPNX CEO Leslie Lamb condemned their conduct as “disgusting and disappointing” and reminded that entrepreneurship isn’t always about achieving profit without taking any risk. The controversy has also resulted in a price drop of FLEX, the primary token of OPNX, by 18%.

Cryptocurrency trading is a fast-paced and volatile market and, consequently, exchange platforms within it are subject to intense scrutiny and accusations when it comes to their activity. OPNX is the latest exchange to have experienced this, with its investors denying to be associated after their equity had been supposedly converted without their knowledge.

This has led to fierce debate within the crypto community and beyond, with issues such as the responsibility of investors and the trustworthiness of crypto exchanges being brought to the fore. OPNX has been labelled simply as a reminder of the risks associated with such investments and a lesson on the dangers of assuming too much with too little information.



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