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Arthur Hayes: Zhu Su ann Kyle Davies-led OPNX Received Funding From Bahrain

AA News - Chayanika Deka 2023-04-08 03:30

The launch of the exchange project, OPNX, earlier this week managed to attract significant backlash from the community.

A new development has emerged regarding the funds received for the development of OPNX, which is backed by the founders of the bankrupt hedge fund Three Arrows Capital (3AC).

  • BitMEX’s Arthur Hayes cited an anonymous source and claimed that the founders of the controversial project, Zhu Su and Kyle Davies, received a “lot of money” from the sovereign wealth fund of the Kingdom of Bahrain.
  • His tweet further added:

“They are trading via Tai Ping Shan. Be Warned. I want my fucking money.”

  • This isn’t the first time Hayes had expressed his frustration over the exchange project.
  • In February, the exec had said that the bull market must be starting while indicating the timing of the 3AC founders completing the fundraising for the project.
  • In addition to Davies and Zhu, OPNX was also co-founded by executives of the troubled exchange CoinFLEX.
  • The founders had earlier announced that they were looking to raise seed funding of $25 million to target claims against bankrupt firms such as FTX, Celsius, and Voyager.
  • Venture capitalist Michael Arrington had called the fundraising event to be “the saddest bullshit” he’s heard in a long time.
  • Since its launch, OPNX’s liquidity has been subjected to ridicule by several community members.
  • Its official Twitter handle, on the other hand, has been suspended.
  • While it’s still unclear what prompted the ban, it could be likely due to an influx of angry crypto users flagging Twitter Support with reports of “platform manipulation and spam.”

The post Arthur Hayes: Zhu Su ann Kyle Davies-led OPNX Received Funding From Bahrain appeared first on CryptoPotato.