Three Arrows CapitalOPNX, the exchange started by the founders of (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
New exchange for crypto-related bankruptcy claims led by Three Arrows Capital (3AC) founders Su Zhu and Kyle Davie OPNX started trading by seeing only $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, twitterSome users on Asked if the company missed any 0’s.
Hey @OKnightCrypto After the FTX fallout, we've thought about this deeply and re-evaluated what building up liquidity should look like. This means not relying on internal MMs & not giving preference to external MMs. This is why we launched with minimal liquidity (cont.)👇 https://t.co/KRSAV4DxsJ
— Leslie Lamb (@therealleslamb0) April 5, 2023
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.”
