VARA Strikes: Crypto Exchange OPNX Hit with $2.7M Fine
3AC Founders face backlash No strangers to the financial world, Kyle Davies and Su Zhu once led the failed hedge firm Three Arrows Capital. Following its collapse , the duo shifted their focus to the launch of OPNX. However, this decision was met with tremendous backlash since OPNX allowed investors to exchange bankruptcy claims of companies, notably FTX and CoinFLEX. advertisement Despite some trading entities making grand claims of their investments in OPNX, the reality was starkly different. Significantly, the platform reported a paltry $2 in trades during its debut 24 hours. Furthermore, the exchange was swift to deny these claims of hefty stakeholder investments. Notably, Arthur Hayes , co-founder of BitMEX and CIO of Maelstromfund, sarcastically remarked that OPNX, with negative margins, is operating under the assumption that it will “make it up on volume.” $2.7mm fine for $2 of trading volume. They are def in the VC game, -ve margins, ...