Earlier this month, Three Arrows Capital (3AC) founders Kyle Davis and Su Zhu launched a brand novel crypto alternate OPNX, with plans to moreover facilitate economic extinguish claims trading. Zhu and Davies teamed up with CoinFLEX founders Imprint Lamb and Sudhu Arumugam for his or her novel enterprise and raised $25 million from previously unnamed merchants across the globe.

In a series of tweets over the weekend, OPNX within the fracture disclosed the checklist of its “predominant merchants,” which incorporated the enterprise palms of Susquehanna World Community (SIG), DRW, crypto-focused enterprise firm Nascent and AppWorks, amongst others.

These companies possess since attain out with statements denying their involvement in OPNX’s fundraising spherical.

“We have got no longer equipped any funding to OPNX and set no longer possess any intentions to perform so,” acknowledged a spokesperson for SIG to CoinDesk on Saturday.

“We are backers of CoinFlex and were supportive of Imprint to rebuild for stakeholders. Our fairness is being forcibly transformed to OPNX and we possess no longer dedicated capital to the novel entity. We by no plot met Su Zhu or Kyle Davies and perform no longer toughen what they did for the length of the final days of 3AC,” acknowledged AppWorks in a assertion posted to Twitter.

Nascent answered to OPNX’s Twitter announcement, clarifying that it played no piece in OPNX’s fundraising and had handiest invested in CoinFLEX’s native FLEX tokens in 2021. FLEX, which is moreover being standard as OPNX’s native token, dropped 21% after the merchants denied investing within the crypto alternate.

“It’s gruesome for companies to interrogate financial prevail in whereas simultaneously denying affiliation in consequence of dread of social media backlash,” tweeted OPNX shortly after, but several industry watchers tranquil think in regards to the firm largely misrepresented the difficulty.