Bankruptcy Claims Exchange OPNX Stumbles Out of the Gate; FLEX Token Slumps 28%

The bankruptcy claims exchange co-founded by failed Three Arrows Capital (3AC) co-founders Kyle Davies and Su Zhu, OPNX has posted minimal trading volume since going live on Tuesday. The exchange’s native token, FLEX, is is down by 28% in the past 24 hours.

Across all spot and derivatives markets on the exchange, just two trades have been executed worth a total of $1.26 at press time.

It remains unclear whether OPNX has suffered issues with onboarding new customers or whether there is a lack of demand. OPNX CEO Leslie Lamb did not immediately respond to CoinDesk’s request for comment.

The exchange was co-founded by failed 3AC hedge fund managers Kyle Davies and Su Zhu, alongside executives of troubled exchange CoinFLEX.

Davies told CoinDesk last month that there would be no internal market makers at OPNX, a decision that he believed wouldn’t restrict liquidity. Zhu said in a tweet on Tuesday that liquidity will be built “brick by brick” and that the exchange was learning from the failure of FTX by avoiding having internal market makers.

It’s worth noting that the tokenized bankruptcy claim feature, which will let users cash in a range of crypto-related claims, is not live yet.

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FLEX token is currently down 28% over the past 24 hours at $2.01, giving back all its gains from a rally earlier this week.

Edited by Stephen Alpher.

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