Open Exchange, a new crypto exchange founded by Su Zhu and Kyle Davies, who previously ran the collapsed crypto hedge fund Three Arrows Capital, has been facing numerous problems since its launch in April. The exchange wants to let customers trade bankruptcy claims on failed crypto companies but has been reprimanded by a financial regulator, threatened with legal action by institutions it said were investors and rejected by some market makers. The damaged reputations of Zhu and Davies from the collapse of Three Arrows last year have contributed to these issues. Open Exchange is also acquiring CoinFLEX, which is going through restructuring after a single large investor didn't meet a margin call.