A token associated with a bankrupt crypto exchange suddenly grew by 3000%

FLEX, a token associated with the bankrupt CoinFLEX crypto exchange, has soared by as much as 3000%. The price of the digital asset rose from $ 0.05 to $ 1.5 immediately after the news that the virtual coin would be the top asset for the new OPNX crypto exchange. By the way, the notorious Su Joo, Kyle Davis, and Mark Lamb will become the company’s CEOs.

Su Ju and Kyle Davis are the founders of the liquidated crypto platform Three Arrows Capital. Back in July 2022, the company filed for bankruptcy in a New York court. According to Nansen research, the organization managed assets worth about $ 10 billion at that time. Information about 3AC's possible insolvency emerged after the cryptocurrency market collapse and Terra’s collapse in May 2022.

Last year, Su Zhu campaigned for users to invest in the Terra stablecoin. Zhu urged users to take out loans using BTC as collateral and invest in the «famous UST stablecoin» to get 20% profit. 7 days after the announcement of the collapse of До Квон" href="https://noworries.media/biography/do-kvon/" data-bio-id="3665">Do Kwon's brainchild, the fraudster deleted his call posts.

Interestingly, at the beginning of 2023, there were rumors that Su Zhu and Kyle Davis hoped to raise $ 25 million to launch a new cryptocurrency exchange. Zhu and Davis allegedly collaborated with the owners of CoinFLEX on this. According to crypto journalist Colin Wu, it was a platform «for trading creditors' claims.»