3AC-Linked OPNX Crypto Derivatives Exchange Decides to Shut Down Operations
In Brief
3AC-associated OPNX crypto derivatives exchange will cease operations by the end of February, ensuring orderly closure for all users.
Cryptocurrency derivatives and claims trading platform Open Exchange (OPNX) announced its decision to cease operations, with the platform scheduled to be deactivated by the end of February. Users are advised to settle all positions before February 7, at 8 am UTC, as the platform will subsequently autonomously settle any remaining open positions. Users are required to withdraw funds and export their historical data by February 14.
According to a post shared on social media platform X, the platform team is 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,” said the OPNX team in a publication.
Following the announcement, the value of Open Exchange’s native token, OX, witnessed a swift 14.9% decrease within 24 hours. As of the time of writing, OX is being traded at $0.009, according to Coingecko.
OPNX was formerly known as Coinflex but underwent a rebranding in March 2023. The exchange is associated with Kyle Davies and Su Zhu, the co-founders of the bankrupt cryptocurrency lender Three Arrows Capital (3AC). Opened in 2023 by the duo, the exchange served for trading bankruptcy claims after its prior company, 3AC, faced significant challenges.
Three Arrows Capital’s Path to Collapse
Once a prominent crypto-native hedge fund, 3AC underwent a collapse in 2022 due to a series of unfavourable investments, which played a role in the broader downturn and numerous failures in the cryptocurrency sector. Subsequently, Su Zhu was arrested in Singapore last year while attempting to leave the country.
Previously operated in Singapore, 3AC initiated bankruptcy proceedings in the British Virgin Islands. Teneo, the firm designated by the British Virgin Islands to manage the liquidation of 3AC, has subsequently raised concerns about the founders’ perceived lack of meaningful cooperation.
Recently, the British Virgin Islands court issued an order to freeze global assets amounting to $1.144 billion belonging to Su Zhu to prevent him, Kyle Davies, and Davies’ wife, Kelly Chen, from transferring or selling the assets. According to estimates, creditors are currently owed approximately $3.3 billion.
The closure of Open Exchange highlights challenges affecting its users amid the tumultuous history of the Three Arrows Capital.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
