Three Arrows Capital Linked Exchange OPNX Declares Shutdown

Three Arrows Capital Linked Exchange OPNX Declares Shutdown

Time Stamp: February 2, 2024 1:48 AM
  • The OPNX exchange, established by the founders of the failed hedge fund Three Arrows Capital, is shutting down.
  • The announcement of OPNX’s closure led to a sharp decline of 45% in its native token, OX.

OPNX, the cryptocurrency exchange launched by the founders of the defunct hedge fund Three Arrows Capital, is set to close its doors in mid-February. Customers must settle their positions by February 7th at 08:00 UTC and withdraw their funds by February 14th.

Three Arrows Capital Linked Exchange OPNX Declares Shutdown PlatoBlockchain Data Intelligence. Vertical Search. Ai.
The email from the OPNX (Source: OX Community)

In an email to its customers, OPNX announced the closure of the Open Exchange, which was established to assist individuals affected by cryptocurrency crises, allowing them to trade pending recovery claims or utilize them as collateral.

The exchange, primarily designed for trading bankruptcy claims, was founded by Kyle Davies and Su Zhu. The collapse of their former venture, Three Arrows Capital (3AC), in 2022 caused significant turmoil in the crypto industry.

Last year, over $1 billion in assets linked to Su Zhu, Kyle Davies, and Davies’ spouse, Kelly Chen, were frozen by a court in the British Virgin Islands. Zhu also faced legal issues in Singapore related to the liquidation of 3AC, resulting in his arrest.

Following the announcement of OPNX’s impending closure, its native token OX displayed a sharp decline, plummeting by 45%, from $0.01223 to $0.006727, as per CoinMarketCap data.

However, no reason for the sudden shutdown was provided. Additionally, the company has not posted any announcements regarding the closure on its social media channels or website.

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