Zhu Su and Kyle Davies' exchange OPNX is failing
Since the arrest of Zhu Su in Singapore a few weeks ago, his relatively new business venture Open Exchange ( OPNX ) has begun to falter. Su and his business partner Kyle Davies (who conveniently handed his X account to the “ Kyle Davies team” shortly before Su’s arrest) are more well-known for their defunct hedge fund 3 Arrows Capital, that suffered from undercollateralized loans, poor accounting practices, and a bad bet on a market that would never stop going up. The pair joined forces with Mark Lamb, the disgraced founder of bankrupt cryptocurrency exchange CoinFlex, and his wife Leslie Lamb, who was also the failed firm’s former CMO, to create a cryptocurrency exchange that specializes in offering the trading of bankruptcy claims from failed cryptocurrency businesses. As of reporting, the only bankruptcy claims they’re offering for trade are from FTX. OPNX: Thin books, thin presence While the four execs were never really able to get bankruptcy claims trading off the groun...