OPNX exchange, the cryptocurrency exchange of the founding partners of Three Arrows Capital (3AC), has decided to close. Accordingly, Open Exchange users will close all positions by February 7. In this regard, the exchange called on its users to withdraw money by February 14. Following these developments, the exchange’s native token OX price saw a vertical decline.
Cryptocurrency exchange is shutting down, token price has dropped sharply!
OPNX, the crypto bankruptcy claims platform launched by the co-founders of failed hedge fund Three Arrows Capital, is shuttering. The stock exchange announced that it will officially cease all operations and close down by February 14. Therefore, the exchange notified its users about the situation via e-mail. OPNX requested its users to close all positions by February 7. It also “strongly recommended” that they withdraw their funds from the platform by February 14. The exchange will disable all withdrawal functions after this date. OPNX conveyed the following message to its users:
We would like to inform you that OPNX.com will officially cease operations and close down in February 2024.
OPNX, short for Open Exchange, is a hybrid bankruptcy claims platform and crypto exchange that allows users to clear creditor claims of bankrupt crypto companies. The price of OPNX’s native OX token lost 38% of its value, dropping from $0.01 to $0.006 in less than an hour after the announcement, according to CoinGecko data. Although the token later recovered slightly, it was still trading at a loss of over 20%.
Founders are in trouble!
cryptokoin.comAs you follow from , Su Zhu and co-founder Kyle Davies founded the exchange following the bankruptcy of the $10 billion Singapore-based crypto hedge fund Three Arrows Capital (3AC), which closed in June 2022. Shortly after the hedge funds collapsed, Zhu and Davies disappeared. Teneo, the firm responsible for liquidating 3AC’s assets, was forced to subpoena the couple via messages on X for concealing details of their physical whereabouts.
The closure of OPNX added to the couple’s troubles. Teneo now alleges that Zhu and Davies used significant leverage with investor funds after their hedge fund went bankrupt. That’s why it’s trying to get $1.3 billion back directly from the founders. In September 2023, the Reserve Bank of Singapore filed a lawsuit against 3AC for allegedly violating the country’s securities laws. That’s why he issued a nine-year restraining order against Davies and Zhu.
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