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

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.”