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New exchange draws heavy criticism

CoinFlex has joined forces with the founders of 3AC to launch a trading platform for outstanding crypto claims.

By Mike Hesp
• 2 min read
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New exchange draws heavy criticism

The crypto exchange CoinFlex has joined forces with the founders of 3AC to launch a trading platform for outstanding crypto-related claims. The "opnx" (Open Exchange) project is meant to be the world's first public marketplace for trading crypto debts and derivatives, according to a post on the official Twitter account.

View post on X

Due to the collapse of several large crypto firms last year, creditors' claims have surged into the tens of billions. 3AC cofounder View post on X said the project sprang from a desire to atone for past mistakes.

The project announcement triggered backlash. The 3AC founders have faced criticism since the hedge fund's bankruptcy. So far they have not been prosecuted. Investors doubt the seriousness of Open Exchange. The crypto hedge fund 3AC failed last year following the Terra collapse.

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