OPNX, the exchange started by the founders of Three Arrows Capital (3AC), opened with very low volume.
OPNX, the cryptocurrency exchange opened by the founders of Three Arrows Capital, which declared bankruptcy last year, created very low volume. The exchange shared this on its Twitter account.
OPNX’s First-Day Volume Remains Very Low
For crypto-related bankruptcy claims led by Three Arrows Capital (3AC) founders Su Zhu and Kyle Davie, new exchange OPNX started trading, seeing just $13.64 volume in both spot and derivatives trading in its first 24 hours. Some interpreted this as a “fraud”.
While the exchange seemed to have overlooked the issue after initial reports of volumes of just over $1, some users on Twitter asked if the company had missed any 0’s.
https://twitter.com/therealleslamb0/status/1643631724029509634
Leslie Lamb, CEO of the firm, wrote in a Tweet:
“After the FTX crash, we rethought this and re-evaluated what liquidity creation should look like. This means not relying on internal MMs and preferring external MMs. That’s why we started with minimal liquidity.”
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