OPNX, a hybrid platform for trading bankruptcy claims and cryptocurrencies, has confirmed the closure of all its operations by February 14. The platform was launched by failed hedge fund Three Arrows Capital (3AC) co-founders last year.
Another Failed Crypto Venture
According to a CoinTelegraph report, the exchange emailed its customers, notifying them of the upcoming shutdown. It asked the customers to close all open positions by February 7 and withdraw the funds by February 14. The email further confirmed that the platform will stop all withdrawals after the deadline.
"We would like to inform you that OPNX.com will officially cease operations and shut down in February 2024," the email read. "We are dedicated to ensuring an orderly closure for all users."
"We are deeply thankful to each member of the OPNX community for their dedication and trust. As we conclude this chapter, we cherish the experiences shared and look ahead with gratitude."
Two Controversial Crypto Entrepreneurs
Su Zhu and Kyle Davies, the two co-founders of the now-collapsed 3AC, launched OPNX (short of the Open Exchange) in April 2023. This occurred several months after the bankruptcy of the $10 billion crypto hedge fund. OPNX introduced a unique hybrid offering to the industry, allowing traders to trade cryptocurrencies and the claims of several bankrupt crypto platforms, including 3AC.
However, Zhu and Davis are already in troubled waters with claimants of 3AC and law enforcement agencies. Following the collapse of 3AC, the duo went off the grid, forcing Teneo (the firm in charge of liquidating 3AC's assets) to issue subpoenas for both of them via messages on X (formerly Twitter). Teneo is currently seeking $1.3 billion from the two co-founders.
Further, over $1.1 billion in assets of Zhu, Davies, and Davies' wife, Kelly Chen, were frozen following a British Virgin Islands court order. Last year, the Singapore police even arrested Zu for non-cooperation with the liquidation process.
This article was written by Arnab Shome at www.financemagnates.com.
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